Nash bargaining solution
... No agreement may be imposed on any individual without his approval. The strategic or noncooperative model involves explicitly modeling the bargaining process (i.e., the game form). We will next adopt an axiomatic approach, which involves abstracting away the details of the process of bargaining and ...
... No agreement may be imposed on any individual without his approval. The strategic or noncooperative model involves explicitly modeling the bargaining process (i.e., the game form). We will next adopt an axiomatic approach, which involves abstracting away the details of the process of bargaining and ...
What are we Teaching and why it Matters: A Survey of the Australian and New Zealand university macroeconomics curriculum in a post-GFC, ecologically stressed world
... and its view of a circular flow of economic activity that does not require energy or other inputs from nature, or is the flow in any way limited by the laws of thermodynamics. Furthermore, as the Walrasian circular flow does not model energy inputs from nature, it is inherently incapable of recogniz ...
... and its view of a circular flow of economic activity that does not require energy or other inputs from nature, or is the flow in any way limited by the laws of thermodynamics. Furthermore, as the Walrasian circular flow does not model energy inputs from nature, it is inherently incapable of recogniz ...
Guido Ascari (Università di Pavia)
... Assumption about the fiscal policy reaction function …here is based on lump-sum transfer realism?? Why not exploit the rich structure of distortionary taxes? which taxes gives the bigger effects? Corsetti et al. (2009)…importance of spending reversal Discussion of Cardoso and Doménech - Guido ...
... Assumption about the fiscal policy reaction function …here is based on lump-sum transfer realism?? Why not exploit the rich structure of distortionary taxes? which taxes gives the bigger effects? Corsetti et al. (2009)…importance of spending reversal Discussion of Cardoso and Doménech - Guido ...
Reconciling the invisible hand and innovation Eduardo Pol
... Purely deductive economic models tend to display mathematical beauty. For example, the proof of existence of general equilibrium is obtained using the machinery of topology with particular regard to fixed point theorems. “One must be far gone in philistine turpitude not to appreciate the quite surpr ...
... Purely deductive economic models tend to display mathematical beauty. For example, the proof of existence of general equilibrium is obtained using the machinery of topology with particular regard to fixed point theorems. “One must be far gone in philistine turpitude not to appreciate the quite surpr ...
An Analysis of Diabetes Risk Factors Using Data Mining Approach
... diagnosis of diabetes. Increased awareness and treatment of diabetes should begin with prevention. Much of the focus has been on the impact and importance of preventive measures on disease occurrence and especially cost savings resulted from such measures. Many studies regarding diabetes prediction ...
... diagnosis of diabetes. Increased awareness and treatment of diabetes should begin with prevention. Much of the focus has been on the impact and importance of preventive measures on disease occurrence and especially cost savings resulted from such measures. Many studies regarding diabetes prediction ...
A Why the PPF Might Be Bow
... d. An increase in the price of gasoline will cause an increase in consumer demand for video rentals. ...
... d. An increase in the price of gasoline will cause an increase in consumer demand for video rentals. ...
Inventory management - Gadjah Mada University
... Less frequent occurrence of placement of orders Less frequent occurrence of shortages ...
... Less frequent occurrence of placement of orders Less frequent occurrence of shortages ...
Models of Military Expenditure and Growth: A Critical
... physical and human capital and natural resources) and technology, which together determine potential output. Some of the demand effects, e.g. crowding out of investment, may also have supply effects by changing the capital stock. The literature differs in whether the focus is on total output, includ ...
... physical and human capital and natural resources) and technology, which together determine potential output. Some of the demand effects, e.g. crowding out of investment, may also have supply effects by changing the capital stock. The literature differs in whether the focus is on total output, includ ...
The Study of Social Networks In Economics
... the psychological underpinnings of human behavior can help enrich the modeling of economic decision makers. Similarly, the recent rise of interest in social economics comes from a realization that a deeper exploration of the social underpinnings of human behavior can enrich the modeling of economic ...
... the psychological underpinnings of human behavior can help enrich the modeling of economic decision makers. Similarly, the recent rise of interest in social economics comes from a realization that a deeper exploration of the social underpinnings of human behavior can enrich the modeling of economic ...
Earw(h)ig: I can`t hear you because your ideas are old
... particular thinkers, such as Keynes or Hayek. But some made the more important argument that a serious study of the history of economic thought would give some perspective in the training of economists. A serious study of the continuities and discontinuities in the history of the discourse over econ ...
... particular thinkers, such as Keynes or Hayek. But some made the more important argument that a serious study of the history of economic thought would give some perspective in the training of economists. A serious study of the continuities and discontinuities in the history of the discourse over econ ...
A Survey on Modeling Economic Growth
... The classical economics, replacing the physiocratic body of thought, included in their grand theories many aspects which were later used as science base of the first attempts to describe long-run economic growth in more detail. The main aspects of these grand theories relevant for economic growth wi ...
... The classical economics, replacing the physiocratic body of thought, included in their grand theories many aspects which were later used as science base of the first attempts to describe long-run economic growth in more detail. The main aspects of these grand theories relevant for economic growth wi ...
It`s a Small Small Welfare Cost of Fluctuations
... However, it should be properly implemented when a general equilibrium model has been specified. Firstly, if the mean of the ergodic distribution of consumption in the stochastic economy is equal to the deterministic steady state level of consumption, then this measure corresponds to a steady-state w ...
... However, it should be properly implemented when a general equilibrium model has been specified. Firstly, if the mean of the ergodic distribution of consumption in the stochastic economy is equal to the deterministic steady state level of consumption, then this measure corresponds to a steady-state w ...
Lesson 5 - WordPress @ VIU Sites
... The Europe dummy variable coefficient is interpreted as “on average energy consumption per capita is 50.5% higher in Europe than South America.” The North America dummy variable coefficient is interpreted as “on average energy consumption per capita is 56.6% higher in North America than South Americ ...
... The Europe dummy variable coefficient is interpreted as “on average energy consumption per capita is 50.5% higher in Europe than South America.” The North America dummy variable coefficient is interpreted as “on average energy consumption per capita is 56.6% higher in North America than South Americ ...
Value and Exchange
... the two theoretical approaches have in common. Both see the potential gains from exchange as being the driving force of economic activity. Both assume that individuals desire a greater command over goods and services and that they pursue this goal deliberately and intelligently—that is, both assume ...
... the two theoretical approaches have in common. Both see the potential gains from exchange as being the driving force of economic activity. Both assume that individuals desire a greater command over goods and services and that they pursue this goal deliberately and intelligently—that is, both assume ...
V E Meir Kohn ALUE AND
... the two theoretical approaches have in common. Both see the potential gains from exchange as being the driving force of economic activity. Both assume that individuals desire a greater command over goods and services and that they pursue this goal deliberately and intelligently—that is, both assume ...
... the two theoretical approaches have in common. Both see the potential gains from exchange as being the driving force of economic activity. Both assume that individuals desire a greater command over goods and services and that they pursue this goal deliberately and intelligently—that is, both assume ...
From Anti-equilibrium to The Socialist System and Beyond Péter
... Later on, beside the Austrian school, new institutional economics and political economy were developed. All these disciplines study the institutional aspects of economic action without giving up their aspiration for an analytical theory. This research perspective is embraced by János Kornai in his ...
... Later on, beside the Austrian school, new institutional economics and political economy were developed. All these disciplines study the institutional aspects of economic action without giving up their aspiration for an analytical theory. This research perspective is embraced by János Kornai in his ...
Presentation for GTG
... comparison with a given standard of value • That standard of value may well be given by social comparison • We conjecture that a plausible specification of the KUJ model should take reference dependence into account … • … which implies that the utility function for the individual is Sshaped, convex ...
... comparison with a given standard of value • That standard of value may well be given by social comparison • We conjecture that a plausible specification of the KUJ model should take reference dependence into account … • … which implies that the utility function for the individual is Sshaped, convex ...
Knowledge in economics
... assessment. This Bayesian approach is thought to capture both the nature of knowledge (namely, one’s priors) and the nature of learning (namely, the adjustment of one’s prior assessment). The Bayesian decision theory seems to be limited to the same situation that George Stigler presumed in his famo ...
... assessment. This Bayesian approach is thought to capture both the nature of knowledge (namely, one’s priors) and the nature of learning (namely, the adjustment of one’s prior assessment). The Bayesian decision theory seems to be limited to the same situation that George Stigler presumed in his famo ...
Utility Functions for Ceteris Paribus Preferences
... Some direct utility functions We now define several direct utility functions consistent with a set of preferences in the intermediate representation. One can use these to define utility functions over models in by composition with the model-projection mapping . Specifically, given a set of prefer ...
... Some direct utility functions We now define several direct utility functions consistent with a set of preferences in the intermediate representation. One can use these to define utility functions over models in by composition with the model-projection mapping . Specifically, given a set of prefer ...
Towards a System Dynamics Model of De Soto`s Theory on Informal
... The inevitable result of this entrepreneurship and saved money is, of course, profit and new assets. Since informal economy leads to a strong preference for utilizing cash, there are no efficient ways to track participants. Therefore, influence of informal activities on economy can only be measured ...
... The inevitable result of this entrepreneurship and saved money is, of course, profit and new assets. Since informal economy leads to a strong preference for utilizing cash, there are no efficient ways to track participants. Therefore, influence of informal activities on economy can only be measured ...
reappraisal of rational choice theory - Interdisciplinary Description of
... Much time has been spent by economists and critics on the pervasive but elusive concept of rationality. The critiques mainly challenge the basis of the utility theorem. Several articles on the misuse of mathematics in economics have already appeared in the literature. As Bouleau stated, “On several ...
... Much time has been spent by economists and critics on the pervasive but elusive concept of rationality. The critiques mainly challenge the basis of the utility theorem. Several articles on the misuse of mathematics in economics have already appeared in the literature. As Bouleau stated, “On several ...
THE LAW OF LARGE NUMBERS AND DETERMINISTIC
... of the stochastic model tends to infinity. On the positive side, we present a general result that justifies use of the law of large numbers to construct continuum models that approximate finite population models if the right conditions hold. We also present a general method that allows one to obtai ...
... of the stochastic model tends to infinity. On the positive side, we present a general result that justifies use of the law of large numbers to construct continuum models that approximate finite population models if the right conditions hold. We also present a general method that allows one to obtai ...
Recent Margin Squeeze Cases: An Economic Critique
... – “A merger between competitors increases market power .. leading .. to higher prices and lower output” – “HHIs can be considered a good indicator [of the effect of a merger on price]” • Same theory is embedded in merger simulation models All merging firms are “guilty” – but are they guilty enough ...
... – “A merger between competitors increases market power .. leading .. to higher prices and lower output” – “HHIs can be considered a good indicator [of the effect of a merger on price]” • Same theory is embedded in merger simulation models All merging firms are “guilty” – but are they guilty enough ...
MODELLING SEGREGATION THROUGH CELLULAR AUTOMATA
... Nevertheless, CA provide a simple, adaptable framework in which to analyze complex economic and social behavior through local interactions. This paper presents a theoretical justification of a non-theoretical approach to ACE’s simulation analysis with CA for the particular case of Schelling model. I ...
... Nevertheless, CA provide a simple, adaptable framework in which to analyze complex economic and social behavior through local interactions. This paper presents a theoretical justification of a non-theoretical approach to ACE’s simulation analysis with CA for the particular case of Schelling model. I ...
Unholy Trinity: Labor, Capital, and Land in the New Economy
... Smith’s great immediate successors were Thomas Malthus and David Ricardo. Their characteristic discoveries were in fact in opposition to Smith’s open-ended optimism about the prospects for capitalist economic development, but their methods grow out of Smith’s arguments, and reflect the same preoccupa ...
... Smith’s great immediate successors were Thomas Malthus and David Ricardo. Their characteristic discoveries were in fact in opposition to Smith’s open-ended optimism about the prospects for capitalist economic development, but their methods grow out of Smith’s arguments, and reflect the same preoccupa ...
Economic model
In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified framework designed to illustrate complex processes, often but not always using mathematical techniques. Frequently, economic models posit structural parameters. Structural parameters are underlying parameters in a model or class of models. A model may have various parameters and those parameters may change to create various properties. Methodological uses of models include investigation, theorizing, and fitting theories to the world.