Download or read book The Estimation of Macroeconomic Disequilibrium Models with Regime Classification Information written by Glenn D. Rudebusch and published by . This book was released on 1987 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Estimation of Macroeconomic Disequilibrium Models with Regime Classification Information written by Glenn D. Rudebusch and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The estimation of macroeconomic desequilibrium models with regime classification information written by Glenn D. Rudebusah and published by . This book was released on 1987 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Imperfect General Equilibrium written by Pier C. Nicola and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic theory of the last fifty years has been dominated by the paradigm of General Equilibrium Theory, based on the scientific work of Walras-Pareto-Cassel-Wald-Hicks-Arrow-De breu-McKenzie. Some of its grounding assumptions are: all prices are fully flexible; an auctioneer appropriately manipulates all prices according to the law of supply and demand; every con sumer has only one budget constraint; all agents are perfectly informed; no actions are taken by agents before a vector of prices has been found such that all markets clear. Indeed, when all markets clear every agent can implement her/his chosen (opti mal) action and nobody is urged to change his/her decisions. Under these assumptions it is generally said that in a (one pe riod, competitive) general equilibrium model there is no place for money. The present monograph takes general equilibrium as the ba sis on which to build the model presented. But its first aim is to completely dispense with the Walrasian auctioneer by giving firms the task of choosing their output price~ period after period.

Download or read book Nonlinear and Convex Analysis in Economic Theory written by Toru Maruyama and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers collected in this volume are contributions to T.I.Tech./K.E.S. Conference on Nonlinear and Convex Analysis in Economic Theory, which was held at Keio University, July 2-4, 1993. The conference was organized by Tokyo Institute of Technology (T. I. Tech.) and the Keio Economic Society (K. E. S.) , and supported by Nihon Keizai Shimbun Inc .. A lot of economic problems can be formulated as constrained optimiza tions and equilibrations of their solutions. Nonlinear-convex analysis has been supplying economists with indispensable mathematical machineries for these problems arising in economic theory. Conversely, mathematicians working in this discipline of analysis have been stimulated by various mathematical difficulties raised by economic the ories. Although our special emphasis was laid upon "nonlinearity" and "con vexity" in relation with economic theories, we also incorporated stochastic aspects of financial economics in our project taking account of the remark able rapid growth of this discipline during the last decade. The conference was designed to bring together those mathematicians who were seriously interested in getting new challenging stimuli from economic theories with those economists who were seeking for effective mathematical weapons for their researches. Thirty invited talks (six of them were plenary talks) given at the conf- ence were roughly classified under the following six headings : 1) Nonlinear Dynamical Systems and Business Fluctuations, . 2) Fixed Point Theory, 3) Convex Analysis and Optimization, 4) Eigenvalue of Positive Operators, 5) Stochastic Analysis and Financial Market, 6) General Equilibrium Analysis.

Download or read book Regime Transitions Spillovers and Buffer Stocks written by Peter Stalder and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents an econometric modeling approach for analysing macroeconomic disequilibria, focusing on the market for goods and labor and the spillovers between these markets transmitted through firms' decisions in the production sphere. The macroeconomic markets are treated as heterogeneous aggregates, consisting of a multitute of micro markets on which demand/supply ratios differ. Disequilibrium models have been under attack because they neglect that inventories enable firms to smooth production over the cycle, but the author argues that buffer stocks (output inventories, unfilled orders) should be accounted for within the disequilibrium framework, giving rise to a dynamic modification rather than a fundamental invalidation of rationing and spillover effects. The model developed in this book combines traditional Keynesian-type analysis with supply-side considerations and at the same time allows for micro-level imbalance. The resulting econometric structure is inherently nonlinear, reflecting that the response of economic activity to demand-side and supply-side factors varies over the cycle, depending on the aggregate mix of regimes. The model is estimated with quarterly data for Switzerland. Various simulation experiments clearly demonstrate the potential of this type of model for empirical business cycle analysis and policy discussions.

Download or read book Two Person Bargaining Experiments with Incomplete Information written by Bettina Kuon and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: Think of the following situation: A project yielding a gross profit of 100 is offered to two firms. The project can only be conducted by a cooperation of the two firms. No firm is able to conduct the project alone. In order to receive the project the firms have to agree on the allocation of the gross profit. Each of both firms has an alternative project it conducts in case the joint project is not realized. The profitability of an allocation of the joint gross profit for a firm depends on the gross profit from its alternative project. The gross profit from an alternative project can be either 0 (low alternative value) or O

Download or read book Empirical Vector Autoregressive Modeling written by Marius Ooms and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 397 pages. Available in PDF, EPUB and Kindle. Book excerpt: 1. 1 Integrating results The empirical study of macroeconomic time series is interesting. It is also difficult and not immediately rewarding. Many statistical and economic issues are involved. The main problems is that these issues are so interrelated that it does not seem sensible to address them one at a time. As soon as one sets about the making of a model of macroeconomic time series one has to choose which problems one will try to tackle oneself and which problems one will leave unresolved or to be solved by others. From a theoretic point of view it can be fruitful to concentrate oneself on only one problem. If one follows this strategy in empirical application one runs a serious risk of making a seemingly interesting model, that is just a corollary of some important mistake in the handling of other problems. Two well known examples of statistical artifacts are the finding of Kuznets "pseudo-waves" of about 20 years in economic activity (Sargent (1979, p. 248)) and the "spurious regression" of macroeconomic time series described in Granger and Newbold (1986, §6. 4). The easiest way to get away with possible mistakes is to admit they may be there in the first place, but that time constraints and unfamiliarity with the solution do not allow the researcher to do something about them. This can be a viable argument.

Download or read book A Game Theory Analysis of Options written by Alexandre Ziegler and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modem option pricing theory was developed in the late sixties and early seventies by F. Black, R. C. Merton and M. Scholes as an analytical tool for pricing and hedging option contracts and over-the-counter warrants. However, already in the seminal paper by Black and Scholes, the applicability of the model was regarded as much broader. In the second part of their paper, the authors demonstrated that a levered firm's equity can be regarded as an option on the value of the firm, and thus can be priced by option valuation techniques. A year later, Merton showed how the default risk structure of corporate bonds can be determined by option pricing techniques. Option pricing models are now used to price virtually the full range of financial instruments and financial guarantees such as deposit insurance and collateral, and to quantify the associated risks. Over the years, option pricing has evolved from a set of specific models to a general analytical framework for analyzing the production process of financial contracts and their function in the financial intermediation process in a continuous time framework. However, virtually no attempt has been made in the literature to integrate game theory aspects, i. e. strategic financial decisions of the agents, into the continuous time framework. This is the unique contribution of the thesis of Dr. Alexandre Ziegler. Benefiting from the analytical tractability of continuous time models and the closed form valuation models for derivatives, Dr.

Download or read book Production Planning in Automated Manufacturing written by Yves Crama and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book quantitative approaches are proposed for production planning problems in automated manufacturing. In particular techniques from operations research/combinatorial optimization provide ways to tackle these problems. Special attention is devoted to the efficient use of tools in production planning for automated manufacturing systems. The book presents models and tests solution strategies for different kinds of production decisions. A case study in the manufacturing of printed circuit boards highlights the methodology. This book will help understand the nature of production planning problems emerging in automated manufacturing and show how techniques from operations research may contribute to their solution.

Download or read book Resource Constrained Project Scheduling written by Arno Sprecher 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: Within a project human and non-human resources are pulled together in a tempo raray organization in order to achieve a predefined goal (d. [20], p. 187). That is, in contrast to manufacturing management, project management is directed to an end. One major function of project management is the scheduling of the project. Project scheduling is the time-based arrangement of the activities comprising the project subject to precedence-, time-and resource-constraints (d. [4], p. 170). In the 1950's the standard methods MPM (Metra Potential Method) and CPM (Cri tical Path Method) were developed. Given deterministic durations and precedence constraints the minimum project length, time windows for the start times and critical paths can be calculated. At the same time another group of researchers developed the Program Evaluation and Review Technique (PERT) (d. [19], [73] and [90]). In contrast to MPM and CPM, random variables describe the activity durations. Based on the optimistic, most likely and pessimistic estimations of the activity durations an assumed Beta distribution is derived in order to calculate the distribution of the project duration, the critical events, the distribution of earliest and latest occurence of an event, the distribution of the slack of the events and the probability of exceeding a date. By the time the estimates of the distributions have been improved (d. e.g. [52] and [56]). Nevertheless, there are some points of critique concerning the estimation of the resulting distributions and probabilities (d. e.g. [48], [49] and [50]).

Download or read book An Integrated Approach in Production Planning and Scheduling written by Stephane Dauzere-Peres and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: Production Management is a large field concerned with all the aspects related to production, from the very bottom decisions at the machine level, to the top-level strategic decisicns. In this book, we are concerned with production planning and scheduling aspects. Traditional production planning methodologies are based on a now widely ac cepted hierarchical decom?osition into several planning decision levels. The higher in the hierarchy, the more aggregate are the models and the more important are the decisions. In this book, we only consider the last two decision levels in the hierarchy, namely, the mid-term (or tacticaQ planning level and the short-term (or operationaQ scheduling level. In the literature and in practice, the decisions are taken in sequence and in a top-down approach from the highest level in the hierarchy to the bottom level. The decisions taken at some level in the hierarchy are constrained by those already taken at upper levels and in turn, must translate into feasible objectives for the next lower levels in the hierarchy. It is a common sense remark to say that the whole hierarchical decision process is coherent if the interactions between different levels in the hierarchy are taken into account so that a decision taken at some level in the hierarchy translates into a feasible objective for the next decision level in the hierarchy. However, and surpris ingly enough, this crucial consistency issue is rarely investigated and few results are available in the literature.

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 Dynamic Timing Decisions Under Uncertainty written by Nguyen M. Hung and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: Jay Forrester's Economic Dynamics was published in 1971 and The Limits to Growth by Dennis Meadows and his associates appeared a year later. The publication of those two books gave rise to twenty years of intense research into the economics of exhaustible resources, research which everywhere has had a substantial impact both on public debate and on academic curricula. And now, just as that line of research is losing steam, economists are focussing on problems associated with the degradation of the natural environment, problems which call for models which, in their formal structure, are quite similar to those already developed in resource economics. This is therefore an appropriate moment for the appearance of a thorough exposition of the economics of exhaustible resources. For that is what Nguyen Manh Hung and Nguyen Van Quyen have provided. Their splendid new book covers equally well the older Hotelling-inspired theory of cake-eating and the economics of search and R&D designed to uncover new and cheaper sources of supply. It provides an entree to the whole subject of resource economics, as well as many new discoveries which will be of interest to experienced researchers.

Download or read book Axiomatic Utility Theory under Risk written by Ulrich Schmidt and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first attempts to develop a utility theory for choice situations under risk were undertaken by Cramer (1728) and Bernoulli (1738). Considering the famous St. Petersburg Paradox! - a lottery with an infinite expected monetary value -Bernoulli (1738, p. 209) observed that most people would not spend a significant amount of money to engage in that gamble. To account for this observation, Bernoulli (1738, pp. 199-201) proposed that the expected monetary value has to be replaced by the expected utility ("moral expectation") as the relevant criterion for decision making under risk. However, Bernoulli's 2 argument and particularly his choice of a logarithmic utility function seem to be rather arbitrary since they are based entirely on intuitively 3 appealing examples. Not until two centuries later, did von Neumann and Morgenstern (1947) prove that if the preferences of the decision maker satisfy cer tain assumptions they can be represented by the expected value of a real-valued utility function defined on the set of consequences. Despite the identical mathematical form of expected utility, the theory of von Neumann and Morgenstern and Bernoulli's approach have, however, IFor comprehensive discussions of this paradox cf. Menger (1934), Samuelson (1960), (1977), Shapley (1977a), Aumann (1977), Jorland (1987), and Zabell (1987). 2Cramer (1728, p. 212), on the other hand, proposed that the utility of an amount of money is given by the square root of this amount.

Download or read book Adjustment Processes for Exchange Economies and Noncooperative Games written by Antoon van den Elzen and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph is a treatise on adjustment processes. We consider price adjustment processes in exchange economies and strategy adjustment processes in noncooperative games. In the most simple version of an exchange economy, i.e. a pure exchange economy, there exist markets on which prices are determined by the demand and supply created by a finite number of consumers willing to exchange their initial endowments in order to maximize their utilities. An equilibrium situation is attained if, for some price vector, demand equals supply in all markets. Starting from a situation not being an equi librium an adjustment process reaches an equilibrium via adaptations of prices. The advantage of the adjustment processes we will present in this monograph is that they exist and converge under far weaker assumptions than existing processes. The second subject concerns the problem of finding Nash equilibria in noncooperative games. A Nash equilibrium is a situation from which no player can improve his position by unilaterally changing his strategy. We present a new algorithm for finding such equilibria. The sequence of stra tegy vectors generated by the algorithm can be interpreted as the path followed by a strategy adjustment process.

Download or read book Fuzzy Multiple Objective Decision Making written by Young-Jou Lai and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 493 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last 25 years, the fuzzy set theory has been applied in many disciplines such as operations research, management science, control theory, artificial intelligence/expert system, etc. In this volume, methods and applications of crisp, fuzzy and possibilistic multiple objective decision making are first systematically and thoroughly reviewed and classified. This state-of-the-art survey provides readers with a capsule look into the existing methods, and their characteristics and applicability to analysis of fuzzy and possibilistic programming problems. To realize practical fuzzy modelling, it presents solutions for real-world problems including production/manufacturing, location, logistics, environment management, banking/finance, personnel, marketing, accounting, agriculture economics and data analysis. This book is a guided tour through the literature in the rapidly growing fields of operations research and decision making and includes the most up-to-date bibliographical listing of literature on the topic.