Download or read book Experimental Duopoly Markets with Demand Inertia written by Claudia Keser and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report portrays the results of experimental research on dynamic duopoly markets with demand inertia. Two methods of experimentation are studied: game-playing experiments where subjects interact spontaneously via computer terminals, and computer tournaments between strategies designed by subjects. The principal aim of this study is the understanding of boundedly rational decision making in the dynamic duopoly situation. 1. 1 Motivation The experiments examine a multistage duopoly game where prices in each period are the only decision variables. Sales depend on current prices and also on past sales (demand inertia). Applying the game-theoretic concept of subgame perfect equilibrium, the game is solved by backward induction. The result is a uniquely determined system of decision rules. However, we can hardly expect that human beings behave according to the equilibrium strategy of this game. It is unlikely that subjects are able to compute the equilibrium. And even if a subject is able to compute it, he might not make use of this knowledge. Only if he expects the others to behave according to the equilibrium, it is optimal for him to play the equilibrium strategy. We have evidence from several earlier experimental studies on oligopoly markets that, even in less complex oligopoly situations where the equilibrium solutions are very easy to compute, human behavior often is different from what is prescribed by normative theory. ! Normative theory is based on the concept of ideal rationality. However, human capabilities impose cognitive limits on rationality.

Download or read book Research and Practice in Multiple Criteria Decision Making written by Yacov Y. Haimes and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 574 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the past two decades, the consideration of mUltiple objectives in modeling and decision making has grown by leaps and bounds. The nineties in particular have seen the emphasis shift from the dominance of single-objective modeling and optimization toward an emphasis on multiple objectives. The proceedings of this Conference epitomize these evolutionary changes and contribute to the important role that the tield of multiple criteria decision making (MCDM) now plays in planning, design, operational, management, and policy decisions. Of special interest are the contributions of MCDM to manufacturing engineering. For example, it has recently been recognized that optimal, single-objective solutions have often been pursued at the expense of the much broader applicability of designs and solutions that satisfy multiple objectives. In particular, the theme (MCDM and Its Worldwide Role in Risk-Based Decision Making) of the XIVth International Conference on Multiple Criteria Decision Making (Charlottesville, Virginia, USA, June 8-12, 1998) represents the growing importance of risk-cost-benefit analysis in decision making and in engineering design and manufacturing. In such systems, minimizing the of rare and extreme events emerges as an essential objective that risk complements the minimization of the traditional expected value of risk, along with the objectives attached to cost and performance. These proceedings include forty-five papers that were presented at the Conference. A variety of techniques have been proposed for solving multiple criteria decision-making problems. The emphasis and style of the different techniques largely reflect the fields of expertise of their developers.

Download or read book Omitted Variable Tests and Dynamic Specification written by Björn Schmolck and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the omitted variable test for a multivariate time-series regression model. The empirical motivation is the homogeneity test for a consumer demand system. The consequences of using a dynamically misspecified omitted variable test are shown in detail. The analysis starts with the univariate t-test and is then extended to the multivariate regression system. The small sample performance of the dynamically correctly specified omitted variable test is analysed by simulation. Two classes of tests are considered: versions of the likelihood ratio test and the robust Wald test which is based on a heteroskedasticity and autocorrelation consistent variance-covariance estimator (HAC).

Download or read book Transitional Dynamics and Economic Growth in Developing Countries written by Thomas Steger and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: Four stylised facts of aggregate economic growth are set up initially. The growth process is interpreted to represent transitional dynamics rather than balanced-growth equilibria. Against this background, the fundamental importance of subsistence consumption is comprehensively analysed. Subsequently, the meaning of the productive-consumption hypothesis for the intertemporal consumption trade-off and the growth process is investigated. Finally, the process of growth is analysed empirically by means of cross-sectional conditional convergence regressions with endogenous control variables.

Download or read book Time To Build written by Marga Peeters and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: As large physical capital stock projects need long periods to be built, a time-to-build specification is incorporated in factor demand models. Time-to-build and adjustment costs dynamics are identified since by the first moving average dynamics, whereas by the latter autoregressive dynamics are induced. Empirical evidence for time-to-build is obtained from data from the Dutch construction industry and by the estimation result from the manufacturing industry of six OECD countries.

Download or read book A Theory of International Trade written by Wei-Bin Zhang and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over more than two centuries the development ofeconomic theory has created a wide array of different concepts, theories, and insights. My recent book Capital and Knowledge (Zhang, 1999a) shows how separate economic theories such as the Marxian economics, the Keynesian economics, the general equilibrium theory, and the neoclassical growth theory can be examined within a single theoretical framework. The Capital and Knowledge constructs an economic theory to account for the phenomena explained by the main economic theories (of national economies) in a unified manner. It tries to draw together the disparate branches of economics into a single organized system ofknowledge. This book is a part of my economic theory with endogenous population, capital, knowledge, preferences, sexual division of labor and consumption, institutions, economic structures and exchange values over time and space (Zhang, 1996a). As an extension of the Capital and Knowledge, which is focused on the dynamics of national economies, this book is to construct a theory of international trade. We are concerned with dynamic relations between international division of labor, division of consumption and determination of prices structure in global economy. We examine dynamic interdependence between capital accumulation, knowledge creation and utilization, economic growth, price structures and international trade patterns under free competition. Our theory is constructed on the basis of a few concepts within a compact framework.

Download or read book New Trends in Distribution Logistics written by M. Grazia Speranza and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: The globalization of markets has reinforced the interest in logistics. A constantly raising level of competition among companies stresses the need for improved logistic processes, in terms of cost reduction and increased service level. The book covers the main problems of distribution logistics: network design and location problems, tactical and operational planning of transport, internal logistics, and inventory management. The book contains a rigorous methodological approach with an emphasis on practical problems. Two survey papers provide references and open problems.

Download or read book Causal and Stochastic Elements in Business Cycles written by Arvid Aulin and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: A critical examination of The prevailing orthodoxy according to which all macroeconomic theory should be reducible to microeconomics. The book provides a mathematical extension of the Lucas theory to allow for the effects of creation of knowledge upon economic development so as to improve the prediction of business cycle data.

Download or read book Computer Aided Transit Scheduling written by Joachim R. Daduna and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: This proceedings volume consists of papers presented at the Sixth International Workshop on Computer-Aided Scheduling of Public Transpon, which was held at the Fund~lio Calouste Gulbenkian in Lisbon from July 6th to 9th, 1993. In the tradition of alternating Workshops between North America and Europe - Chicago (1975), Leeds (1980), Montreal (1983), Hamburg (1987) and again Montreal (1990), the European city of Lisbon was selected as the venue for the Workshop in 1993. As in earlier Workshops, the central theme dealt with vehicle and duty scheduling problems and the employment of operations-research-based software systems for operational planning in public transport. However, as was initiated in Hamburg in 1987, the scope of this Workshop was broadened to include topics in related fields. This fundamental alteration was an inevitable consequence of the growing demand over the last decade for solutions to the complete planning process in public transport through integrated systems. Therefore, the program of this workshop included sections which dealt with scheduling problems and computerized systems for operational planning as well as sections on network planning and data management.

Download or read book Multi Objective Programming and Goal Programming written by Mehrdad Tamiz and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most real-life problems involve making decisions to optimally achieve a number of criteria while satisfying some hard or soft constraints. In this book several methods for solving such problems are presented by the leading experts in the area. The book also contains a number of very interesting application papers which demonstrate theoretical modelling, analysing and solution of real-life problems.

Download or read book Search Games and Other Applications of Game Theory written by Andrey Garnaev and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is on applications of game theory. The title of this book is not "Game Theory and its Applications" because it does not construct a general theory for considered games. The book contains a lot of examples of applica tion of game theory together with the background of those games considered and a list of unsolved problems. Also we consider only the game where the optimal strategies of the players are found in closed form. This book is an attempt to carryon the approach developed in nice books "Search Games" by Gal and "Geometric Games and their Applications" by Ruckle. The first chapter of this book supplies the required definitions and theorems from game theory. The second chapter deals with discrete search games where both players act simultaneously: the games of protection of a channel from infiltration of a submarine, the submarine versus helicopter game, the matrix search games and others. The third chapter considers the game where the players allocate their contin uous efforts. In these games players face up an alternative either not to come into contest if the cost of efforts seems too high, or come into it. In the last case the player have to decide how much resources they can afford to spend. The allocation models of search, antiballistic protection and marketing are investigated.

Download or read book Inside a Modern Macroeconometric Model written by Alan A. Powell and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main purpose of this monograph is to give a detailed account of a contemporary, state-of-the art, macroeconometric model that is regularly used for policy advising, and for forecasting in commerce and industry.

Download or read book Optimization written by Van Hien Nguyen and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 9th Belgian-French-German Conference on Optimization has been held in Namur (Belgium) on September 7-11, 1998. This volume is a collection of papers presented at this Conference. Originally, this Conference was a French-German Conference but this year, in accordance with the organizers' wishes, a third country, Belgium, has joined the founding members of the Conference. Hence the name: Belgian French-German Conference on Optimization. Since the very beginning, the purpose of these Conferences has been to bring together researchers working in the area of Optimization and partic ularly to encourage young researchers to present their work. Most of the participants come from the organizing countries. However the general ten dancy is to invite outside researchers to attend the meeting. So this year, among the 101 participants at this Conference, twenty researchers came from other countries. The general theme of the Conference is everything that concerns the area of Optimization without specification of particular topics. So theoretical as pects of Optimization, in addition to applications and algorithms of Opti mization, will be developed. However, and this point was very important for the organizers, the Conference must retain its convivial character. No more than two parallel sessions are organized. This would allow useful contacts between researchers to be promoted. The editors express their sincere thanks to all those who took part in this Conference. Their invaluable discussions have made this volume possible.

Download or read book Nonlinear Dynamics in Economics written by Bärbel Finkenstädt and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: 1. 1 Introduction In economics, one often observes time series that exhibit different patterns of qualitative behavior, both regular and irregular, symmetric and asymmetric. There exist two different perspectives to explain this kind of behavior within the framework of a dynamical model. The traditional belief is that the time evolution of the series can be explained by a linear dynamic model that is exogenously disturbed by a stochastic process. In that case, the observed irregular behavior is explained by the influence of external random shocks which do not necessarily have an economic reason. A more recent theory has evolved in economics that attributes the patterns of change in economic time series to an underlying nonlinear structure, which means that fluctua tions can as well be caused endogenously by the influence of market forces, preference relations, or technological progress. One of the main reasons why nonlinear dynamic models are so interesting to economists is that they are able to produce a great variety of possible dynamic outcomes - from regular predictable behavior to the most complex irregular behavior - rich enough to meet the economists' objectives of modeling. The traditional linear models can only capture a limited number of possi ble dynamic phenomena, which are basically convergence to an equilibrium point, steady oscillations, and unbounded divergence. In any case, for a lin ear system one can write down exactly the solutions to a set of differential or difference equations and classify them.

Download or read book Intelligent Information Systems written by Mieczyslaw Klopotek and published by Springer Science & Business Media. This book was released on 2012-08-10 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains articles accepted for presentation during The Intelligent Information Systems Symposium I1S'2000 which was held in Bystra, Poland, on June 12-16, 2000. This is ninth, in the order, symposium organized by the Institute of Computer Science of Polish Academy of Sciences and devoted to new trends in (broadly understood) Artificial Intelligence. The idea of organizing such meetings dates back to 1992. Our main in tention guided the first, rather small-audience, workshop in the series was to resume the results gained in Polish scientific centers as well as contrast them with the research performed by Polish scientists working at the uni versities in Europe and USA. This idea proved to be attractive enough that we decided to continue such meetings. As the years went by, the workshops has transformed into regular symposia devoted to such fields like Machine Learning, Knowledge Discovery, Natural Language Processing, Knowledge Based Systems and Reasoning, and Soft Computing (Le. Fuzzy and Rough Sets, Bayesian Networks, Neural Networks and Evolutionary Algorithms). At present, about 50 papers prepared by researches from Poland and other countries are usually presented. Besides, for several years now, the symposia are accompanied by a number of tutorials, given by the outstanding scientists in their domain. Up to this year the proceedings were published as our local publication and they were distributed among the scientific libraries. We feel however, that the subject matter as well as the quality of papers is sufficient to present the proceedings to a broader scientific audience.

Download or read book Planning Stability in Material Requirements Planning Systems written by Gerald Heisig and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: In logistics systems, the issue of planning stability has attracted increased attention and interest in recent years. This is mainly due to an increasing integration of planning systems both within and across companies in supply chain management. The propagation of adjustments in planning systems first acquired wide attention when MRP systems were employed as standard planning tools for material coordination. Within a rolling horizon framework the MRP application produced considerable planning instability which origins from uncertainties in the planner's exogenous environment as well as from endogenous sources. This book presents an analytical investigation that gives deep insight into the influence of different kind of inventory control rules on the stability of material planning systems under stochastic demand in a rolling horizon environment.

Download or read book Triangulations and Simplicial Methods written by Chuangyin Dang and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a new type of technique, simplicial methods have yielded extremely important contributions toward solutions of a system of nonlinear equations. Theoretical investigations and numerical tests have shown that the performance of simplicial methods depends critically on the triangulations underlying them. This monograph describes some recent developments in triangulations and simplicial methods. It includes the D1-triangulation and its applications to simplicial methods. As a result, efficiency of simplicial methods has been improved significantly. Thus more effective simplicial methods have been developed.