Download or read book The Economics of Missing Markets Information and Games written by Frank Hahn and published by Oxford University Press, USA. This book was released on 1989 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of papers is the result of a Cambridge University study of the consequences of missing markets, asymmetric information, market-dependent information, strategic market situations, and the role of quantity signals. The contributors also consider the behavior of overlapping generation models and their macroeconomic implications, providing a useful reference text on most of the main issues of current interest to economic theorists.
Download or read book The Economics of Continuous Time Finance written by Bernard Dumas and published by MIT Press. This book was released on 2017-10-27 with total page 641 pages. Available in PDF, EPUB and Kindle. Book excerpt: An introduction to economic applications of the theory of continuous-time finance that strikes a balance between mathematical rigor and economic interpretation of financial market regularities. This book introduces the economic applications of the theory of continuous-time finance, with the goal of enabling the construction of realistic models, particularly those involving incomplete markets. Indeed, most recent applications of continuous-time finance aim to capture the imperfections and dysfunctions of financial markets—characteristics that became especially apparent during the market turmoil that started in 2008. The book begins by using discrete time to illustrate the basic mechanisms and introduce such notions as completeness, redundant pricing, and no arbitrage. It develops the continuous-time analog of those mechanisms and introduces the powerful tools of stochastic calculus. Going beyond other textbooks, the book then focuses on the study of markets in which some form of incompleteness, volatility, heterogeneity, friction, or behavioral subtlety arises. After presenting solutions methods for control problems and related partial differential equations, the text examines portfolio optimization and equilibrium in incomplete markets, interest rate and fixed-income modeling, and stochastic volatility. Finally, it presents models where investors form different beliefs or suffer frictions, form habits, or have recursive utilities, studying the effects not only on optimal portfolio choices but also on equilibrium, or the price of primitive securities. The book strikes a balance between mathematical rigor and the need for economic interpretation of financial market regularities, although with an emphasis on the latter.
Download or read book Foundations of Real World Economics written by John Komlos and published by Routledge. This book was released on 2019-01-11 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 financial crisis, the rise of Trumpism and the other populist movements which have followed in their wake have grown out of the frustrations of those hurt by the economic policies advocated by conventional economists for generations. Despite this, textbooks continue to praise conventional policies such as deregulation and hyperglobalization. This textbook demonstrates how misleading it can be to apply oversimplified models of perfect competition to the real world. The math works well on college blackboards but not so well on the Main Streets of America. This volume explores the realities of oligopolies, the real impact of the minimum wage, the double-edged sword of free trade, and other ways in which powerful institutions cause distortions in the mainstream models. Bringing together the work of key scholars, such as Kahneman, Minsky, and Schumpeter, this book demonstrates how we should take into account the inefficiencies that arise due to asymmetric information, mental biases, unequal distribution of wealth and power, and the manipulation of demand. This textbook offers students a valuable introductory text with insights into the workings of real markets not just imaginary ones formulated by blackboard economists. A must-have for students studying the principles of economics as well as micro- and macroeconomics, this textbook redresses the existing imbalance in economic teaching. Instead of clinging to an ideology that only enriched the 1%, Komlos sketches the outline of a capitalism with a human face, an economy in which people live contented lives with dignity instead of focusing on GNP.
Download or read book The Economics and Implications of Data written by Mr.Yan Carriere-Swallow and published by International Monetary Fund. This book was released on 2019-09-23 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This SPR Departmental Paper will provide policymakers with a framework for studying changes to national data policy frameworks.
Download or read book What Money Can t Buy written by Michael J. Sandel and published by Farrar, Straus and Giroux. This book was released on 2012-04-24 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: In What Money Can't Buy, renowned political philosopher Michael J. Sandel rethinks the role that markets and money should play in our society. Should we pay children to read books or to get good grades? Should we put a price on human life to decide how much pollution to allow? Is it ethical to pay people to test risky new drugs or to donate their organs? What about hiring mercenaries to fight our wars, outsourcing inmates to for-profit prisons, auctioning admission to elite universities, or selling citizenship to immigrants willing to pay? In his New York Times bestseller What Money Can't Buy, Michael J. Sandel takes up one of the biggest ethical questions of our time: Isn't there something wrong with a world in which everything is for sale? If so, how can we prevent market values from reaching into spheres of life where they don't belong? What are the moral limits of markets? Over recent decades, market values have crowded out nonmarket norms in almost every aspect of life. Without quite realizing it, Sandel argues, we have drifted from having a market economy to being a market society. In Justice, an international bestseller, Sandel showed himself to be a master at illuminating, with clarity and verve, the hard moral questions we confront in our everyday lives. Now, in What Money Can't Buy, he provokes a debate that's been missing in our market-driven age: What is the proper role of markets in a democratic society, and how can we protect the moral and civic goods that markets do not honor and money cannot buy?
Download or read book Foundations of Insurance Economics written by Georges Dionne and published by Springer Science & Business Media. This book was released on 1992 with total page 748 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic and financial research on insurance markets has undergone dramatic growth since its infancy in the early 1960s. Our main objective in compiling this volume was to achieve a wider dissemination of key papers in this literature. Their significance is highlighted in the introduction, which surveys major areas in insurance economics. While it was not possible to provide comprehensive coverage of insurance economics in this book, these readings provide an essential foundation to those who desire to conduct research and teach in the field. In particular, we hope that this compilation and our introduction will be useful to graduate students and to researchers in economics, finance, and insurance. Our criteria for selecting articles included significance, representativeness, pedagogical value, and our desire to include theoretical and empirical work. While the focus of the applied papers is on property-liability insurance, they illustrate issues, concepts, and methods that are applicable in many areas of insurance. The S. S. Huebner Foundation for Insurance Education at the University of Pennsylvania's Wharton School made this book possible by financing publication costs. We are grateful for this assistance and to J. David Cummins, Executive Director of the Foundation, for his efforts and helpful advice on the contents. We also wish to thank all of the authors and editors who provided permission to reprint articles and our respective institutions for technical and financial support.
Download or read book Handbook of Safeguarding Global Financial Stability written by Gerard Caprio and published by Academic Press. This book was released on 2012-11-27 with total page 547 pages. Available in PDF, EPUB and Kindle. Book excerpt: Political and social forces exert pressure on our globalized economy in many forms, from formal and informal policies to financial theories and technical models. Our efforts to shape and direct these forces to preserve financial stability reveal much about the ways we perceive the financial economy. The Handbook of Safeguarding Global Financial Stability examines our political economy, particularly the ways in which these forces inhabit our institutions, strategies, and tactics. As economies expand and contract, these forces also determine the ways we supervise and regulate. This high-level examination of the global political economy includes articles about specific countries, crises, and international systems as well as broad articles about major concepts and trends.. Substantial articles by top scholars sets this volume apart from other information sources Diverse international perspectives result in new opportunities for analysis and research Rapidly developing subjects will interest readers well into the future
Download or read book Handbook of Natural Resource and Energy Economics written by Allen V. Kneese and published by . This book was released on 1985 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Toward a Just Society written by Martin Guzman and published by Columbia University Press. This book was released on 2018-08-28 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: Joseph Stiglitz is one of the world’s greatest economists. He has made fundamental contributions to economic theory in areas such as inequality, the implications of imperfect and asymmetric information, and competition, and he has been a major figure in policy making, a leading public intellectual, and a remarkably influential teacher and mentor. This collection of essays influenced by Stiglitz’s work celebrates his career as a scholar and teacher and his aspiration to put economic knowledge in the service of creating a fairer world. Toward a Just Society brings together a range of essays whose breadth reflects how Stiglitz has shaped modern economics. The contributions to this volume, all penned by high-profile authors who have been guided by or collaborated with Stiglitz over the last five decades, span microeconomics, macroeconomics, inequality, development, law and economics, and public policy. Touching on many of the central debates and discoveries of the field and providing insights on the directions that academic economics could take in the future, Toward a Just Society is an extraordinary celebration of the many paths Stiglitz has opened for economics, politics, and public life.
Download or read book Whither Socialism written by Joseph E. Stiglitz and published by MIT Press. This book was released on 1996-01-31 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rapid collapse of socialism has raised new economic policy questions and revived old theoretical issues. In this book, Joseph Stiglitz explains how the neoclassical, or Walrasian model (the formal articulation of Adam Smith's invisible hand), which has dominated economic thought over the past half century, may have wrongly encouraged the belief that market socialism could work. Stiglitz proposes an alternative model, based on the economics of information, that provides greater theoretical insight into the workings of a market economy and clearer guidance for the setting of policy in transitional economies. Stiglitz sees the critical failing in the standard neoclassical model underlying market socialism to be its assumptions concerning information, particularly its failure to consider the problems that arise from lack of perfect information and from the costs of acquiring information. He also identifies problems arising from its assumptions concerning completeness of markets, competitiveness of markets, and the absence of innovation. Stiglitz argues that not only did the existing paradigm fail to provide much guidance on the vital question of the choice of economic systems, the advice it did provide was often misleading.
Download or read book Advanced Microeconomics for Contract Institutional and Organizational Economics written by W. Bentley MacLeod and published by MIT Press. This book was released on 2022-04-05 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: A graduate textbook on microeconomics, covering decision theory, game theory, and the foundations of contract theory, with a unique focus on the empirical. This graduate-level text on microeconomics, covering such topics as decision theory, game theory, bargaining theory, contract theory, trade under asymmetric information, and relational contract theory, is unique in its emphasis on the interplay between theory and evidence. It reviews the microeconomic theory of exchange “from the ground up,” aiming to produce a set of models and hypotheses amenable to empirical exploration, with particular focus on models that are useful for the study of contracts, institutions, and organizations. It explores research that extends price theory to the exchange of commodities when markets are incomplete, discussing recent developments in the field. Topics covered include the relationship between theory and evidence; decision theory as it is used in contract theory and institutional design; game theory; axiomatic and strategic bargaining theory; agency theory and the class of models that are considered to constitute contract theory, with discussions of moral hazard and trade with asymmetric information; and the theory of relational contracts. The final chapter offers a nontechnical review that provides a guide to which model is the most appropriate for a particular application. End-of-chapter exercises help students expand their understanding of the material, and an appendix provides brief introduction to optimization theory and the welfare theorem of general equilibrium theory. Students are assumed to be familiar with general equilibrium theory and basic constrained optimization theory.
Download or read book Markets and Hierarchies written by Oliver E. Williamson and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes organization of economic activity within and between markets and hierarchies. It considers the transaction to be the ultimate unit of microeconomic analysis, and defines hierarchical transactions as ones for which a single administrative entity spans both sides of the transaction, some form of subordination prevails and, typically, consolidated ownership obtains. Discusses the advantages of the transactional approach by examining three issues: price discrimination, insurance, and vertical integration. Develops the concept of the organizational failure framework, and demonstrates why it is always the combination of human with environmental factors, not either taken by itself, that causes transactional problems. The study also describes each of the transactional relations of interest, and presents the advantages of internal organization with respect to the transactional condition. The analysis explains why primary work groups of the peer group and simple hierarchy types arise. The same transactional factor which impede autonomous contracting between individuals also impede market exchange between technologically separable work groups. Peer groups can be understood as an internal organizational response to the frictions of intermediate product markets, while conglomerate organization can be seen as a response to failures in the capital market. In both contexts, the same human factors, such as bounded rationality and opportunism, occur. Examines the reasons for and properties of the employment relation, which is commonly associated with voluntary subordination. The analysis attempts better to assess the employment relation in circumstances where workers acquire, during the course of the employment, significant job-specific skills and knowledge. The study compares alternative labor-contracting modes and demonstrates that collective organization is helpful in enhancing the acquisition of idiosyncratic knowledge and skills by the work force. The study then examines more complex structures -- the movement from simple hierarchies to the vertical integration of firms, then multidivisional structures, conglomerates, monopolies and oligopolies. Discusses the market structure in relation to technical and organizational innovation. The study proposes a systems approach to the innovation process. Its purpose is to permit the realization of the distinctive advantages of both small and large firms which apply at different stages of the innovation process. The analysis also examines the relation of organizational innovation to technological innovation. (AT).
Download or read book Selected Works of Joseph E Stiglitz written by Joseph E. Stiglitz and published by . This book was released on 2019 with total page 1047 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the third volume in a new, definitive, six-volume edition of the works of Joseph Stiglitz, one of today's most distinguished and controversial economists. Stiglitz was awarded the Nobel Prize in Economics in 2001 for his work on asymmetric information and is widely acknowledged as one of the pioneers in the field of modern information economics and more generally for his contributions to microeconomics. Volume III contains a selection of Joseph E. Stiglitz's work on microeconomics. It questions well-established tenets, including many that are so fundamental they are almost taken for granted, covering basic concepts of risk and markets; the management of risk; the theory of the firm; the economics of organization; and theory of human behaviour. Stiglitz reflects on his work and the field more generally throughout the volume by including substantial original introductions to the Selected Works, the volume as a whole, and each part within the volume.
Download or read book A Recent History of Recognized Economic Thought Contributions of the Nobel Laureates to Economic Science written by Lee H. Dymond and published by Lulu.com. This book was released on 2015-05-20 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1969, 75 people have been awarded the Nobel Prize in Economics. Recent Recognized "A History of Economic Thought - Contributions of the Nobel Laureates to Economic Science" describes their major accomplishments in a manner so all readers, regardless of their knowledge of economics, can appreciate the efforts of these scholars and their impact on the development and progress of economic science. Begin with a brief tour of economic thought and the factors that have influenced economic doctrine from the 16th through the 20th century. Then, for each Nobel Laureate, learn about their background and professional affiliations. Complete your understanding of each Laureate's accomplishments with a concise, relatively non-technical summary of their Nobel Prize Lecture.
Download or read book Introduction to Economic Analysis written by R. Preston McAfee and published by Orange Grove Texts Plus. This book was released on 2009-09-24 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents introductory economics material using standard mathematical tools, including calculus. It is designed for a relatively sophisticated undergraduate who has not taken a basic university course in economics. The book can easily serve as an intermediate microeconomics text. The focus of this book is on the conceptual tools. Contents: 1) What is Economics? 2) Supply and Demand. 3) The US Economy. 4) Producer Theory. 5) Consumer Theory. 6) Market Imperfections. 7) Strategic Behavior.
Download or read book Proceedings of the 2011 International Conference on Informatics Cybernetics and Computer Engineering ICCE2011 November 19 20 2011 Melbourne Australia written by Liangzhong Jiang and published by Springer Science & Business Media. This book was released on 2011-11-24 with total page 821 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume includes a set of selected papers extended and revised from the International Conference on Informatics, Cybernetics, and Computer Engineering. A computer network, often simply referred to as a network, is a collection of computers and devices interconnected by communications channels that facilitate communications and allows sharing of resources and information among interconnected devices. Put more simply, a computer network is a collection of two or more computers linked together for the purposes of sharing information, resources, among other things. Computer networking or Data Communications (Datacom) is the engineering discipline concerned with computer networks. Computer networking is sometimes considered a sub-discipline of electrical engineering, telecommunications, computer science, information technology and/or computer engineering since it relies heavily upon the theoretical and practical application of these scientific and engineering disciplines. Networks may be classified according to a wide variety of characteristics such as medium used to transport the data, communications protocol used, scale, topology, organizational scope, etc. Electronics engineering, also referred to as electronic engineering, is an engineering discipline where non-linear and active electrical components such as electron tubes, and semiconductor devices, especially transistors, diodes and integrated circuits, are utilized to design electronic circuits, devices and systems, typically also including passive electrical components and based on printed circuit boards. The term denotes a broad engineering field that covers important subfields such as analog electronics, digital electronics, consumer electronics, embedded systems and power electronics. Electronics engineering deals with implementation of applications, principles and algorithms developed within many related fields, for example solid-state physics, radio engineering, telecommunications, control systems, signal processing, systems engineering, computer engineering, instrumentation engineering, electric power control, robotics, and many others. ICCE 2011 Volume 3 is to provide a forum for researchers, educators, engineers, and government officials involved in the general areas of Computer Engineering and Electronic Engineering to disseminate their latest research results and exchange views on the future research directions of these fields. 99 high-quality papers are included in the volume. Each paper has been peer-reviewed by at least 2 program committee members and selected by the volume editor. Special thanks to editors, staff of association and every participants of the conference. It’s you make the conference a success. We look forward to meeting you next year.
Download or read book Adaptive Markets written by Andrew W. Lo and published by Princeton University Press. This book was released on 2019-05-14 with total page 503 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new, evolutionary explanation of markets and investor behavior Half of all Americans have money in the stock market, yet economists can’t agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist—the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency is incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo’s new paradigm explains how financial evolution shapes behavior and markets at the speed of thought—a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. An ambitious new answer to fundamental questions about economics and investing, Adaptive Markets is essential reading for anyone who wants to understand how markets really work.
