Nonlinear Models For Economic Decision Processes

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Nonlinear Models for Economic Decision Processes

Ionut Purica
Nonlinear Models for Economic Decision Processes Book PDF

Author : Ionut Purica
Publisher : World Scientific
Page : 177 pages
File Size : 51,5 Mb
Release : 2010
Category : Business & Economics
ISBN : 9781848164284

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Nonlinear Models for Economic Decision Processes by Ionut Purica Pdf

Using models, developed in one branch of science, to describe similar behaviors encountered in a different one, is the essence of a synergetic approach. A wide range of topics has been developed including Agent-based models, econophysics, socio-economic networks, information, bounded rationality and learning in economics, markets as complex adaptive systems evolutionary economics, multiscale analysis and modeling, nonlinear dynamics and econometrics, physics of risk, statistical and probabilistic methods in economics and finance. Complexity. This publication concentrates on process behavior of economic systems and building models that stem from Haken's, Prigogine's, Taylor's work as well as from nuclear physics models.

Nonlinear Dynamics of Financial Crises

Ionut Purica
Nonlinear Dynamics of Financial Crises Book PDF

Author : Ionut Purica
Publisher : Academic Press
Page : 124 pages
File Size : 51,6 Mb
Release : 2015-03-28
Category : Business & Economics
ISBN : 9780128032763

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Nonlinear Dynamics of Financial Crises by Ionut Purica Pdf

When just a handful of economists predicted the 2008 financial crisis, people should wonder how so many well educated people with enormous datasets and computing power can be so wrong. In this short book Ionut Purica joins a growing number of economists who explore the failings of mainstream economics and propose solutions developed in other disciplines, such as sociology and evolutionary biology. While it might be premature to call for a revolution, Dr. Purica echoes John Maynard Keynes in believing that economic ideas are "dangerous for good or evil." In recent years evil seems to have had the upper hand. "Nonlinear Dynamics of Financial Crises" points to their ability to do good. Makes complex economics ideas accessible by carefully explaining technical terms and minimizing mathematics and equations Delivers easily-understood perspectives about the global economy by constructing broad assumptions and conclusions in the face of its infinitely complexity Challenges received economic ideas by focusing on human behavior and the roles it plays in easily-observable recent trends and events

Information and Efficiency in Economic Decision

Jati Sengupta
Information and Efficiency in Economic Decision Book PDF

Author : Jati Sengupta
Publisher : Springer Science & Business Media
Page : 478 pages
File Size : 52,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9789400950535

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Information and Efficiency in Economic Decision by Jati Sengupta Pdf

Use of information is basic to economic theory in two ways. As a basis for optimization, it is central to all normative hypotheses used in eco nomics, but in decision-making situations it has stochastic and evolution ary aspects that are more dynamic and hence more fundamental. This book provides an illustrative survey of the use of information in econom ics and other decision sciences. Since this area is one of the most active fields of research in modern times, it is not possible to be definitive on all aspects of the issues involved. However questions that appear to be most important in this author's view are emphasized in many cases, without drawing any definite conclusions. It is hoped that these questions would provoke new interest for those beginning researchers in the field who are currently most active. Various classifications of information structures and their relevance for optimal decision-making in a stochastic environment are analyzed in some detail. Specifically the following areas are illustrated in its analytic aspects: 1. Stochastic optimization in linear economic models, 2. Stochastic models in dynamic economics with problems of time-inc- sistency, causality and estimation, 3. Optimal output-inventory decisions in stochastic markets, 4. Minimax policies in portfolio theory, 5. Methods of stochastic control and differential games, and 6. Adaptive information structures in decision models in economics and the theory of economic policy.

Recent Advances in Estimating Nonlinear Models

Jun Ma,Mark Wohar
Recent Advances in Estimating Nonlinear Models Book PDF

Author : Jun Ma,Mark Wohar
Publisher : Springer Science & Business Media
Page : 299 pages
File Size : 40,9 Mb
Release : 2013-09-24
Category : Business & Economics
ISBN : 9781461480600

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Recent Advances in Estimating Nonlinear Models by Jun Ma,Mark Wohar Pdf

Nonlinear models have been used extensively in the areas of economics and finance. Recent literature on the topic has shown that a large number of series exhibit nonlinear dynamics as opposed to the alternative--linear dynamics. Incorporating these concepts involves deriving and estimating nonlinear time series models, and these have typically taken the form of Threshold Autoregression (TAR) models, Exponential Smooth Transition (ESTAR) models, and Markov Switching (MS) models, among several others. This edited volume provides a timely overview of nonlinear estimation techniques, offering new methods and insights into nonlinear time series analysis. It features cutting-edge research from leading academics in economics, finance, and business management, and will focus on such topics as Zero-Information-Limit-Conditions, using Markov Switching Models to analyze economics series, and how best to distinguish between competing nonlinear models. Principles and techniques in this book will appeal to econometricians, finance professors teaching quantitative finance, researchers, and graduate students interested in learning how to apply advances in nonlinear time series modeling to solve complex problems in economics and finance.

Cities And Regions As Nonlinear Decision Systems

Robert W Crosby
Cities And Regions As Nonlinear Decision Systems Book PDF

Author : Robert W Crosby
Publisher : Routledge
Page : 228 pages
File Size : 54,6 Mb
Release : 2019-03-08
Category : Social Science
ISBN : 9780429725296

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Cities And Regions As Nonlinear Decision Systems by Robert W Crosby Pdf

This book presents an exposition of ongoing research in the fields of non-linear dynamic systems driven by the decisions of human beings and cognitive science as they relate to urban and regional analysis. It aims to illuminate the social and economic functioning of cities and regions.

Decision Making Under Risk and Uncertainty

J. Geweke
Decision Making Under Risk and Uncertainty Book PDF

Author : J. Geweke
Publisher : Springer Science & Business Media
Page : 256 pages
File Size : 50,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9789401128384

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Decision Making Under Risk and Uncertainty by J. Geweke Pdf

As desired, the infonnation demand correspondence is single valued at equilibrium prices. Hence no planner is needed to assign infonnation allocations to individuals. Proposition 4. For any given infonnation price system p E . P (F *), almost every a E A demands a unique combined infonnation structure (although traders may be indifferent among partial infonnation sales from different information allocations, etc. ). In particular, the aggregate excess demand correspondence for net combined infonnation trades is a continuous function. Proof Uniqueness fails only if an agent can obtain the same expected utility from two or more net combined infonnation allocations. If this happens, appropriate slight perturbations of personal probability vectors destroy the equality unless the utility functions and wealth allocations were independent across states. Yet, when utilities and wealths don't depend on states in S, no infonnation to distinguish the states is desired, so that the demand for such infonnation structures must equal zero. To show the second claim, recall that if the correspondence is single valued for almost every agent, then its integral is also single valued. Finally, note that an upper hemicontinuous (by Proposition 2) correspondence which is single valued everywhere is, in fact, a continuous function. [] REFERENCES Allen, Beth (1986a). "The Demand for (Differentiated) Infonnation"; Review of Economic Studies. 53. (311-323). Allen, Beth (1986b). "General Equilibrium with Infonnation Sales"; Theory and Decision. 21. (1-33). Allen, Beth (1990). "Infonnation as an Economic Commodity"; American Economic Review. 80. (268-273).

Nonlinear Economic Models

John Creedy,Vance Martin
Nonlinear Economic Models Book PDF

Author : John Creedy,Vance Martin
Publisher : Edward Elgar Publishing
Page : 312 pages
File Size : 42,5 Mb
Release : 1997
Category : Business & Economics
ISBN : STANFORD:36105022825264

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Nonlinear Economic Models by John Creedy,Vance Martin Pdf

A sequel to Creedy and Martin's (eds.) Chaos and Nonlinear Models (1994). Compiles recent developments in such techniques as cross- sectional studies of income distribution and discrete choice models, time series models of exchange rate dynamics and jump processes, and artificial neural networks and genetic algorithms of financial markets. Also considers the development of theoretical models and estimating and testing methods, with a wide range of applications in microeconomics, macroeconomics, labor, and finance. Annotation copyrighted by Book News, Inc., Portland, OR

Advances in Non-linear Economic Modeling

Frauke Schleer-van Gellecom
Advances in Non linear Economic Modeling Book PDF

Author : Frauke Schleer-van Gellecom
Publisher : Springer Science & Business Media
Page : 262 pages
File Size : 41,9 Mb
Release : 2013-12-11
Category : Business & Economics
ISBN : 9783642420399

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Advances in Non-linear Economic Modeling by Frauke Schleer-van Gellecom Pdf

In recent years nonlinearities have gained increasing importance in economic and econometric research, particularly after the financial crisis and the economic downturn after 2007. This book contains theoretical, computational and empirical papers that incorporate nonlinearities in econometric models and apply them to real economic problems. It intends to serve as an inspiration for researchers to take potential nonlinearities in account. Researchers should be aware of applying linear model-types spuriously to problems which include non-linear features. It is indispensable to use the correct model type in order to avoid biased recommendations for economic policy.

Nonlinear Dynamics and Economics

William A. Barnett,Alan P. Kirman,Mark Salmon
Nonlinear Dynamics and Economics Book PDF

Author : William A. Barnett,Alan P. Kirman,Mark Salmon
Publisher : Cambridge University Press
Page : 426 pages
File Size : 45,6 Mb
Release : 1996-10-28
Category : Business & Economics
ISBN : 0521471419

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Nonlinear Dynamics and Economics by William A. Barnett,Alan P. Kirman,Mark Salmon Pdf

This 1997 book presents developments in nonlinear economic dynamics along with related research from other fields, including mathematics, statistics, biology, and physics.

Risk Management in Supply Chains

Mohammad Heydari,Kin Keung Lai,Zhou Xiaohu
Risk Management in Supply Chains Book PDF

Author : Mohammad Heydari,Kin Keung Lai,Zhou Xiaohu
Publisher : Routledge
Page : 252 pages
File Size : 46,5 Mb
Release : 2019-09-19
Category : Business & Economics
ISBN : 9781000707557

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Risk Management in Supply Chains by Mohammad Heydari,Kin Keung Lai,Zhou Xiaohu Pdf

The book examines a relatively unexplored issue in supply chain risk management, which is how long companies specifically take to respond to catastrophic events of low probability but high impact. The book also looks at why such supply chain disruptions are unavoidable, and consequently, all complex supply chains are inherently at risk. The book illustrates how companies can respond to supply chain disruptions with faster responses and in shorter lead-times to reduce impact. In reducing total response time, designing solutions, and deploying a recovery plan sooner after a disruption in anticipation of such events, companies reduce the impact of disruption risk. The book also explores the basics of multiple-criteria decision-making (MCDM) and analytic hierarchy process (AHP), and how they contribute to both the quality of the financial economic decision-making process and the quality of the resulting decisions. The book illustrates through cases in the construction sector how this industry has become more complex and riskier due to the diverse nature of activities among global companies.

Plural Rationality and Interactive Decision Processes

Manfred Grauer,Michael Thompson,Andrzej P. Wierzbicki
Plural Rationality and Interactive Decision Processes Book PDF

Author : Manfred Grauer,Michael Thompson,Andrzej P. Wierzbicki
Publisher : Springer Science & Business Media
Page : 356 pages
File Size : 42,5 Mb
Release : 2013-06-29
Category : Business & Economics
ISBN : 9783662024324

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Plural Rationality and Interactive Decision Processes by Manfred Grauer,Michael Thompson,Andrzej P. Wierzbicki Pdf

These Proceedings report the scientific results of the Summer Study on Plural Rationality and Interactive Decision Processes orga nized jointly by the System and Decision Sciences Program of the Inter national Institute for Applied Systems Analysis (located in Laxenburg, Austria) and the Hungarian Committee for Applied Systems Analysis. The Study, which was held in Sopron over the period 16-26 Augus·t 1984, had a very special character. Sixty-eight researchers from sixteen coun tr~es participated, most of them contributing papers or experiments. In addition many members of IIASA's Young Scientists Summer Program were present. All of these participants were heavily involved in dis cussions; discussions that were not limited to the allotted time but extended well into the evenings and nights. By design, the Study gathered specialists from many disciplines, from philosophy and cultur al anthropology, through decision theory, game theory and economics, to engineering and applied mathematics. A further element of diversity was the representation of several varieties of culture, from typically Western countries, through Middle and Eastern Europe, to the Far East.

Tools and Techniques for Economic Decision Analysis

Stankovi?, Jelena,Delias, Pavlos,Marinkovi?, Sr?an,Rochhia, Sylvie
Tools and Techniques for Economic Decision Analysis Book PDF

Author : Stankovi?, Jelena,Delias, Pavlos,Marinkovi?, Sr?an,Rochhia, Sylvie
Publisher : IGI Global
Page : 305 pages
File Size : 55,8 Mb
Release : 2016-10-31
Category : Business & Economics
ISBN : 9781522509608

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Tools and Techniques for Economic Decision Analysis by Stankovi?, Jelena,Delias, Pavlos,Marinkovi?, Sr?an,Rochhia, Sylvie Pdf

The success of any business relies heavily on the evaluation and improvement on current strategies and processes. Such progress can be facilitated by implementing more effective decision-making systems. Tools and Techniques for Economic Decision Analysis provides a thorough overview of decision models and methodologies in the context of business economics. Highlighting a variety of relevant issues on finance, economic policy, and firms and networks, this book is an ideal reference source for managers, professionals, students, and academics interested in emerging developments for decision analysis.

Combining Fuzzy Imprecision with Probabilistic Uncertainty in Decision Making

Mario Fedrizzi
Combining Fuzzy Imprecision with Probabilistic Uncertainty in Decision Making Book PDF

Author : Mario Fedrizzi
Publisher : Springer Science & Business Media
Page : 410 pages
File Size : 46,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642466441

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Combining Fuzzy Imprecision with Probabilistic Uncertainty in Decision Making by Mario Fedrizzi Pdf

In the literature of decision analysis it is traditional to rely on the tools provided by probability theory to deal with problems in which uncertainty plays a substantive role. In recent years, however, it has become increasingly clear that uncertainty is a mul tifaceted concept in which some of the important facets do not lend themselves to analysis by probability-based methods. One such facet is that of fuzzy imprecision, which is associated with the use of fuzzy predicates exemplified by small, large, fast, near, likely, etc. To be more specific, consider a proposition such as "It is very unlikely that the price of oil will decline sharply in the near future," in which the italicized words play the role of fuzzy predicates. The question is: How can one express the mean ing of this proposition through the use of probability-based methods? If this cannot be done effectively in a probabilistic framework, then how can one employ the information provided by the proposition in question to bear on a decision relating to an investment in a company engaged in exploration and marketing of oil? As another example, consider a collection of rules of the form "If X is Ai then Y is B,," j = 1, . . . , n, in which X and Yare real-valued variables and Ai and Bi are fuzzy numbers exemplified by small, large, not very small, close to 5, etc.

Complex Decision Making

Hassan Qudrat-Ullah,J. Michael Spector,Paal Davidsen
Complex Decision Making Book PDF

Author : Hassan Qudrat-Ullah,J. Michael Spector,Paal Davidsen
Publisher : Springer
Page : 337 pages
File Size : 46,9 Mb
Release : 2007-09-22
Category : Business & Economics
ISBN : 9783540736653

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Complex Decision Making by Hassan Qudrat-Ullah,J. Michael Spector,Paal Davidsen Pdf

Today's ever more complex world creates challenges for decision makers. This volume reviews the principles underlying complex decision making, the handling of uncertainties in dynamic environments, and the various modeling approaches. Beginning with a discussion of the underlying concepts, theories and empirical evidence, the book gives you a range of practical tools and techniques for decision making in complex environments and systems.

Dynamic Decision Theory

G. Haag
Dynamic Decision Theory Book PDF

Author : G. Haag
Publisher : Springer Science & Business Media
Page : 262 pages
File Size : 55,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9789400909397

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Dynamic Decision Theory by G. Haag Pdf

Choice processes appear in all spheres of society. Hitherto ruling paradigms in the modelling of choice problems have presumed a competitive general equi librium which, however, proves insufficient for dynamic processes. This contribution aims at providing a general coherent and closed frame work for the dynamic modelling of decision processes. It was one of my main interests to build a bridge between the pure model building concepts and their practical applications. Therefore all given examples are related to empirical work. Solution algorithms for the estimation of trend parameters as well as the numerical simulation in concrete applications therefore playa central role in this contribution. Friendly relations with a number of colleagues from many universities in Europe, and the U.S. have emerged during the different applications. I wish to thank all of them. The international cooperations were mainly initiated and supported by conferences and workshops organized and financed by the International Institute for Applied Systems Analysis (lIASA), the Istituto Ricerche Economico-Sociali Del Piemonte (I RES). the Institut National D 'Etudes De'mographiques (I NED), the Centre for Regional Science Research UmeJ. (CERUM) and the Projets de Cooperation et D'Echange avec France (Procop>' Special thanks go to the Volkswagen Stiftung for financial support of this work over the years. Thanks also go in particular to my friend and mentor Prof. W. Weidlich for his encouragement and for the many suggestions he made in fruitful discus sions and common work that have taken place over the years.