Quiggin on ec. rationalism
... Achieving a redistribution of income and wealth by taxing incomes is inferior to taxing expenditures while taxing capital income is the least efficient of all. Progressive taxes are also highly inefficient. These are not statements of opinion. They are fact. I assume that what Parkin means is that t ...
... Achieving a redistribution of income and wealth by taxing incomes is inferior to taxing expenditures while taxing capital income is the least efficient of all. Progressive taxes are also highly inefficient. These are not statements of opinion. They are fact. I assume that what Parkin means is that t ...
Response to a Skeptic - Federal Reserve Bank of Minneapolis
... Cycle Measurement," I directly examined the statistical properties of the technology coefficient process. I found that the process is an approximate random walk with standard deviation of change in the logs approximately 0.00763 per quarter. When this number is used in the Hansen model, fluctuations ...
... Cycle Measurement," I directly examined the statistical properties of the technology coefficient process. I found that the process is an approximate random walk with standard deviation of change in the logs approximately 0.00763 per quarter. When this number is used in the Hansen model, fluctuations ...
Specific Factors Model - University of Notre Dame
... – Trade benefits a country by expanding choices – Not everyone gains from trade • However, the gains outweigh the losses: – Those who gain from trade could compensate those who lose and still be better off themselves – That everyone could gain from trade does not mean that they actually do – redistr ...
... – Trade benefits a country by expanding choices – Not everyone gains from trade • However, the gains outweigh the losses: – Those who gain from trade could compensate those who lose and still be better off themselves – That everyone could gain from trade does not mean that they actually do – redistr ...
ESCAPING NEWTONIAN MECHANICS: PHILOSOPHY AND
... quantitative social science research paradigm. Part II, proposes ways to make research more empirical, credible, and useful. The fundamental problems that lead to frequent modelling failures in the social sciences have to do with the nature of the data generating processes themselves. The question c ...
... quantitative social science research paradigm. Part II, proposes ways to make research more empirical, credible, and useful. The fundamental problems that lead to frequent modelling failures in the social sciences have to do with the nature of the data generating processes themselves. The question c ...
Monetary Policy and Housing Booms ∗ John C. Williams
... models that allow asset price bubbles to develop and that include all channels by which monetary and supervisory policies affect asset prices, credit flows, and the real economy. Importantly, this must include endogenous dynamics—not just exogenous shocks—that can lead to asset price and credit run-up ...
... models that allow asset price bubbles to develop and that include all channels by which monetary and supervisory policies affect asset prices, credit flows, and the real economy. Importantly, this must include endogenous dynamics—not just exogenous shocks—that can lead to asset price and credit run-up ...
Methodology for Introduction to Austrian Economics
... Schmoller parted ways (from the GHS) and argued that there were no historically dictated stages of predetermined evolution. There was just the process of history. All one could do was sift through the historical artifacts of previous stages of a nation’s history and “the facts” (institutional, legal ...
... Schmoller parted ways (from the GHS) and argued that there were no historically dictated stages of predetermined evolution. There was just the process of history. All one could do was sift through the historical artifacts of previous stages of a nation’s history and “the facts” (institutional, legal ...
Third Truths
... economic issues, and less on the broad social science and philosophical issues that characterized earlier training. As that narrowing happened, methodology no longer became a topic that economists studied. Instead, economist’s work became more focused on the technical issues of modeling. As that hap ...
... economic issues, and less on the broad social science and philosophical issues that characterized earlier training. As that narrowing happened, methodology no longer became a topic that economists studied. Instead, economist’s work became more focused on the technical issues of modeling. As that hap ...
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... Please explain the structure of the END model, including inputs, outputs, and functions/computations which it models. b. Given that the END model is a maximization/minimization model, what objective function is being maximized/minimized, in terms of variables and functional form. c. Please explain h ...
... Please explain the structure of the END model, including inputs, outputs, and functions/computations which it models. b. Given that the END model is a maximization/minimization model, what objective function is being maximized/minimized, in terms of variables and functional form. c. Please explain h ...
9. A Basic Partial Equilibrium Model, by John Gilbert
... When we are faced with evaluating a policy that has not yet been implemented, we generally turn to simulation methods. This type of approach places a much stronger emphasis on the use of economic theory, alongside data, to generate policy information. The two main types of simulation models used in ...
... When we are faced with evaluating a policy that has not yet been implemented, we generally turn to simulation methods. This type of approach places a much stronger emphasis on the use of economic theory, alongside data, to generate policy information. The two main types of simulation models used in ...
Response to David Rosnick`s “Toward an Understanding of Keen
... The Cournot outcome has an unstable manifold, where overall production is declining leading to rising profits for all. The only way to prevent the system from taking that path is to explicitly inhibit it in some way – it might be said that prevention of collusion is sufficient to prohibit this from ...
... The Cournot outcome has an unstable manifold, where overall production is declining leading to rising profits for all. The only way to prevent the system from taking that path is to explicitly inhibit it in some way – it might be said that prevention of collusion is sufficient to prohibit this from ...
1 Macroeconomics: Modeling the Behavior of
... by individual households and firms, most of the theories underlying our models must be built at the microeconomic level then aggregated to form a macroeconomic model. This aggregation is usually accomplished by making extreme simplifying assumptions, such as assuming that all consumers are alike or ...
... by individual households and firms, most of the theories underlying our models must be built at the microeconomic level then aggregated to form a macroeconomic model. This aggregation is usually accomplished by making extreme simplifying assumptions, such as assuming that all consumers are alike or ...
Econ101.Ch.1.A
... • Confusion can result when too many things change and so it might not be possible to understand what caused what. So in their models economists change one factor at a time to isolate its effects using the ceteris paribus assumption. Ceteris paribus is a Latin phrase that means “other things being e ...
... • Confusion can result when too many things change and so it might not be possible to understand what caused what. So in their models economists change one factor at a time to isolate its effects using the ceteris paribus assumption. Ceteris paribus is a Latin phrase that means “other things being e ...
Alternative Gravity Estimators
... • The independent variables still enter in logs, and the coefficients can still be interpreted as elasticities. • For some fairly abstract reasons of statistical theory, Poisson is actually a very good workhorse estimator for gravity even if zeros are not a problem in the data: the type of het ...
... • The independent variables still enter in logs, and the coefficients can still be interpreted as elasticities. • For some fairly abstract reasons of statistical theory, Poisson is actually a very good workhorse estimator for gravity even if zeros are not a problem in the data: the type of het ...
On Multi-Agent Based Simulation - Publications at Bielefeld University
... a higher level of precision of the theory’s most important presuppositions and statements. Secondly, the transformation process itself may be informative for the construction of a computational model and may give insights into the original theoretical model that would else have remained hidden. And ...
... a higher level of precision of the theory’s most important presuppositions and statements. Secondly, the transformation process itself may be informative for the construction of a computational model and may give insights into the original theoretical model that would else have remained hidden. And ...
Integrating economic and psychological insights in binary choice
... [Levy 2005], who proposed a framework to integrate utility models with threshold models. In this article we focus on an a perspective that integrates binary choice models with direct (endogenous) social interactions. The variable representing each agent’s choice can also be interpreted as an attitud ...
... [Levy 2005], who proposed a framework to integrate utility models with threshold models. In this article we focus on an a perspective that integrates binary choice models with direct (endogenous) social interactions. The variable representing each agent’s choice can also be interpreted as an attitud ...
Theories of Economic Development
... development is that global ecosystems and humanity itself can be threatened by neglecting the environment. Environmental economists are concerned that the long-term neglect of the environmental assets is likely to jeopardize the durability of economic growth (Thampapillai 2002). Sustainable developm ...
... development is that global ecosystems and humanity itself can be threatened by neglecting the environment. Environmental economists are concerned that the long-term neglect of the environmental assets is likely to jeopardize the durability of economic growth (Thampapillai 2002). Sustainable developm ...
production possibilities frontier
... Economists make assumptions in order to make the world easier to understand. The art in scientific thinking is deciding which assumptions to make. Economists use different assumptions to answer different questions. ...
... Economists make assumptions in order to make the world easier to understand. The art in scientific thinking is deciding which assumptions to make. Economists use different assumptions to answer different questions. ...
Ch 01
... speed limit, the number of automobile accidents would not change.” c. “Jones, a Kansas wheat farmer, doubled her income this year when she doubled her production of wheat. If all wheat farmers doubled their production of wheat, they could double their annual income.” 10. The addendum is remedial mat ...
... speed limit, the number of automobile accidents would not change.” c. “Jones, a Kansas wheat farmer, doubled her income this year when she doubled her production of wheat. If all wheat farmers doubled their production of wheat, they could double their annual income.” 10. The addendum is remedial mat ...
Product Differentiation - University of Virginia
... equilibrium) by cutting prices. Incumbents may earn substantially higher gross profits than the cost of entry that would be incurred by an entrant. There are then multiple equilibria. These range from the tightest packing at which incumbents just earn zero profits (and so are not induced to exit), t ...
... equilibrium) by cutting prices. Incumbents may earn substantially higher gross profits than the cost of entry that would be incurred by an entrant. There are then multiple equilibria. These range from the tightest packing at which incumbents just earn zero profits (and so are not induced to exit), t ...
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... benefit from trade and specialization. Second, my definition of competitiveness acknowledges that while a country as a whole will gain from participation in the international division of labour, globalization certainly has the potential to create losers as well as winners within the country. After a ...
... benefit from trade and specialization. Second, my definition of competitiveness acknowledges that while a country as a whole will gain from participation in the international division of labour, globalization certainly has the potential to create losers as well as winners within the country. After a ...
Natural Resources, Eonomic Growth and Sustainability
... At its heart, sustainability is concerned with human well-being over time and, in particular, with the ability of environmental and natural resources to sustain and enhance human well-being. This is not a new concern for either society or economics. Concern over the ability of agricultural land to p ...
... At its heart, sustainability is concerned with human well-being over time and, in particular, with the ability of environmental and natural resources to sustain and enhance human well-being. This is not a new concern for either society or economics. Concern over the ability of agricultural land to p ...
Cost models - European Commission
... on AC in shared-cost projects under FP5, whose accounting system has not changed since then, should be able to use the AC model under FP6. However, such an organisation that used FC (not FF) under FP5 would need to provide a substantial argument to show that it no longer has the capacity to identify ...
... on AC in shared-cost projects under FP5, whose accounting system has not changed since then, should be able to use the AC model under FP6. However, such an organisation that used FC (not FF) under FP5 would need to provide a substantial argument to show that it no longer has the capacity to identify ...
Taming the Consumption Beast: Tools for Managing Human Demand
... criticalities, and surprise scenario forecasts. Thus they adopt in a contemporary form the very economic and utilitarian approach their predecessors deplored” ◦ Sagoff 1994, p.155 ...
... criticalities, and surprise scenario forecasts. Thus they adopt in a contemporary form the very economic and utilitarian approach their predecessors deplored” ◦ Sagoff 1994, p.155 ...
Application of Probability to Assess Risk in Management
... Discrete uncertainties and their probabilities are more easily understood if represented visually by a bar graph. Continuous uncertainties and their probabilities are more correctly represented by a line. A graphical representation of an uncertainty and its probability may be cumulative or may b ...
... Discrete uncertainties and their probabilities are more easily understood if represented visually by a bar graph. Continuous uncertainties and their probabilities are more correctly represented by a line. A graphical representation of an uncertainty and its probability may be cumulative or may b ...
microeconomic perspectives on travel behavior and valuation
... relations over time dimensions as the dual of an activity possibility frontier (over goods dimensions), as well as isoactivity relations coupled to a goods consumption frontier. By imposing additional constraints involving time assigned to activities and goods consumption, Jara-Díaz added a new term ...
... relations over time dimensions as the dual of an activity possibility frontier (over goods dimensions), as well as isoactivity relations coupled to a goods consumption frontier. By imposing additional constraints involving time assigned to activities and goods consumption, Jara-Díaz added a new term ...
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.