Operator Theorems With Applications To Distributive Problems And Equilibrium Models

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Operator Theorems with Applications to Distributive Problems and Equilibrium Models

Antonio Villar
Operator Theorems with Applications to Distributive Problems and Equilibrium Models Book PDF

Author : Antonio Villar
Publisher : Springer Science & Business Media
Page : 166 pages
File Size : 44,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642457111

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Operator Theorems with Applications to Distributive Problems and Equilibrium Models by Antonio Villar Pdf

Presentation Many economic problems, as equilibrium models, input-output analysis, rational behaviour, etc. , are usually modelled in terms of operators in Euclidean spaces. This monograph deals with the analysis of a number of formal problems involving this kind of operators (with particular reference to complementarity problems and variational inequalities), and their applications to distributive problems and equilibrium models. Thus the purpose of this work is to provide a set of new results on the solvability of those problems, and a number of economic applications that will illustrate the interest of these results in economics. It is worth stressing from the very begining that our analysis concentrates on the existence (and in some cases optimality) of solutions. That is what is meant here by solvability (in particular, nothing will be said with respect to the uniqueness, stability, sensitivity analysis or computation of solutions). The results on the solvability of operator problems presented here, were actually arrived at as a way of solving specific economic models. Yet we are going to relate this case by somehow reversing the way it happened, that is, starting with the formal results and then presenting a number of economic models which appear as applications of VIII these formal results. The rationale for this approach is twofold. First, it provides a neat track via which to go through the whole work. Then, because I would like to emphasize the interest of complementarity and variational inequalities problems in economic modelling.

Ill-posed Variational Problems and Regularization Techniques

Michel Thera,Rainer Tichatschke
Ill posed Variational Problems and Regularization Techniques Book PDF

Author : Michel Thera,Rainer Tichatschke
Publisher : Springer Science & Business Media
Page : 281 pages
File Size : 54,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642457807

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Ill-posed Variational Problems and Regularization Techniques by Michel Thera,Rainer Tichatschke Pdf

This book presents recent developments in the field of ill-posed variational problems and variational inequalities, covering a large range of theoretical, numerical and practical aspects. The main topics are: - Regularization techniques for equilibrium and fixed point problems, variational inequalities and complementary problems, - Links between approximation, penalization and regularization, - Bundle methods, nonsmooth optimization and regularization, - Error Bounds for regularized optimization problems.

Imperfect General Equilibrium

Pier C. Nicola
Imperfect General Equilibrium Book PDF

Author : Pier C. Nicola
Publisher : Springer Science & Business Media
Page : 176 pages
File Size : 52,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642483998

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Imperfect General Equilibrium by Pier C. Nicola Pdf

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.

Stochastic Orders and Applications

Karl Mosler,Marco Scarsini
Stochastic Orders and Applications Book PDF

Author : Karl Mosler,Marco Scarsini
Publisher : Springer Science & Business Media
Page : 385 pages
File Size : 55,5 Mb
Release : 2012-12-06
Category : Mathematics
ISBN : 9783642499722

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Stochastic Orders and Applications by Karl Mosler,Marco Scarsini Pdf

A bibliography on stochastic orderings. Was there a real need for it? In a time of reference databases as the MathSci or the Science Citation Index or the Social Science Citation Index the answer seems to be negative. The reason we think that this bibliog raphy might be of some use stems from the frustration that we, as workers in the field, have often experienced by finding similar results being discovered and proved over and over in different journals of different disciplines with different levels of mathematical so phistication and accuracy and most of the times without cross references. Of course it would be very unfair to blame an economist, say, for not knowing a result in mathematical physics, or vice versa, especially when the problems and the languages are so far apart that it is often difficult to recognize the analogies even after further scrutiny. We hope that collecting the references on this topic, regardless of the area of application, will be of some help, at least to pinpoint the problem. We use the term stochastic ordering in a broad sense to denote any ordering relation on a space of probability measures. Questions that can be related to the idea of stochastic orderings are as old as probability itself. Think for instance of the problem of comparing two gambles in order to decide which one is more favorable.

Count Data Models

Rainer Winkelmann
Count Data Models Book PDF

Author : Rainer Winkelmann
Publisher : Springer Science & Business Media
Page : 223 pages
File Size : 41,6 Mb
Release : 2013-11-11
Category : Business & Economics
ISBN : 9783662217351

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Count Data Models by Rainer Winkelmann Pdf

This book presents statistical methods for the analysis of events. The primary focus is on single equation cross section models. The book addresses both the methodology and the practice of the subject and it provides both a synthesis of a diverse body of literature that hitherto was available largely in pieces, as well as a contribution to the progress of the methodology, establishing several new results and introducing new models. Starting from the standard Poisson regression model as a benchmark, the causes, symptoms and consequences of misspecification are worked out. Both parametric and semi-parametric alternatives are discussed. While semi-parametric models allow for robust interference, parametric models can identify features of the underlying data generation process.

Dynamic Macroeconomics with Imperfect Competition

Leo Kaas
Dynamic Macroeconomics with Imperfect Competition Book PDF

Author : Leo Kaas
Publisher : Springer Science & Business Media
Page : 166 pages
File Size : 41,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642584794

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Dynamic Macroeconomics with Imperfect Competition by Leo Kaas Pdf

This thesis was stimulated throughout the time of my participation in a research project on Dynamic Macroeconomics, supported by the German Research Foundation (DFG). The starting point was the central question of how to integrate price setting firms in a dynamic disequilibrium model. Almost all recent literature on imperfect competition in macroeconomics applies the objective demand approach by assuming that firms know the true demand curve they are faced with. While this approach can be ap plied in temporary monetary equilibrium models, it proves inadequate for formulating price adjustment in a dynamic disequilibrium model, where it has to be replaced by the concept of subjective demand. Based on this distinction, the thesis starts out with a comparison of the concepts of subjective and objective demand in an abstract framework and surveys the literature on general equilibrium theory with imperfect competition. The objective demand approach is criticized not only on the grounds of its strong rationality requirements and existence problems, but also by the observation that it cannot be applied successfully to characterize determinate rational expectations equilibria in intertemporal macroeco nomics. Finally, price setting firms using subjective demand functions are integrated in a dynamic disequilibrium model in order to study mo nopolistic and oligopolistic price adjustment.

Empirical Vector Autoregressive Modeling

Marius Ooms
Empirical Vector Autoregressive Modeling Book PDF

Author : Marius Ooms
Publisher : Springer Science & Business Media
Page : 397 pages
File Size : 54,8 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642487927

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Empirical Vector Autoregressive Modeling by Marius Ooms Pdf

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.

Control and Game Models of the Greenhouse Effect

Herman S.J. Cesar
Control and Game Models of the Greenhouse Effect Book PDF

Author : Herman S.J. Cesar
Publisher : Springer Science & Business Media
Page : 234 pages
File Size : 40,7 Mb
Release : 2012-12-06
Category : Mathematics
ISBN : 9783642457388

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Control and Game Models of the Greenhouse Effect by Herman S.J. Cesar Pdf

This book deals with economic policy regarding the Greenhouse Effect using control and game models. First, a literature review is given of intertemporal optimisation models of environmental issues with special focus on the Greenhouse Effect. Next, the issue of sustainability is discussed for different specifications of the natural assimilation function. Furthermore, capital accumulation is considered both in abatement and in human capital. The international dimension is analysed next with focus on the difference between feedback and open-loop solutions, as well as on cooperative outcomes using trigger and renegotiation-proof strategies. Finally, second best forms of cooperation in the form of "issue linkage" and "technology transfers" are worked out.

Project Scheduling under Limited Resources

Sönke Hartmann
Project Scheduling under Limited Resources Book PDF

Author : Sönke Hartmann
Publisher : Springer Science & Business Media
Page : 223 pages
File Size : 42,8 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642586279

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Project Scheduling under Limited Resources by Sönke Hartmann Pdf

Approaches to project scheduling under resource constraints are discussed in this book. After an overview of different models, it deals with exact and heuristic scheduling algorithms. The focus is on the development of new algorithms. Computational experiments demonstrate the efficiency of the new heuristics. Finally, it is shown how the models and methods discussed here can be applied to projects in research and development as well as market research.

A Game Theory Analysis of Options

Alexandre Ziegler
A Game Theory Analysis of Options Book PDF

Author : Alexandre Ziegler
Publisher : Springer Science & Business Media
Page : 154 pages
File Size : 42,8 Mb
Release : 2013-06-29
Category : Business & Economics
ISBN : 9783662215890

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A Game Theory Analysis of Options by Alexandre Ziegler Pdf

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.

Pricing Derivative Credit Risk

Manuel Ammann
Pricing Derivative Credit Risk Book PDF

Author : Manuel Ammann
Publisher : Springer Science & Business Media
Page : 238 pages
File Size : 52,8 Mb
Release : 2013-06-29
Category : Business & Economics
ISBN : 9783662223307

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Pricing Derivative Credit Risk by Manuel Ammann Pdf

Credit risk is an important consideration in most financial transactions. As for any other risk, the risk taker requires compensation for the undiversifiable part of the risk taken. In bond markets, for example, riskier issues generally promise investors a higher yield. The same principle also applies to financial derivatives. Otherwise identical derivative securities will likely have differ ent prices if the counterparties are not of the same credit quality. Although this argument seems intuitively convincing, widely used pricing models for financial derivatives do not incorporate credit risk effects. This research monograph analyzes the effect of credit risk on financial derivatives prices. Credit risk can affect derivatives prices in a variety of ways. First, financial derivatives can be subject to counterparty default risk. Second, a derivative can be written on a security which is subject to credit risk, such as a corporate bond. Third, the credit risk itself can be the un derlying of a derivative instrument. The text focuses on valuation models which take into account counterparty risk but also addresses the other two valuation problems.

Computer-Aided Transit Scheduling

Nigel H.M. Wilson
Computer Aided Transit Scheduling Book PDF

Author : Nigel H.M. Wilson
Publisher : Springer Science & Business Media
Page : 472 pages
File Size : 55,9 Mb
Release : 2012-12-06
Category : Computers
ISBN : 9783642859700

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Computer-Aided Transit Scheduling by Nigel H.M. Wilson Pdf

This proceedings volume consists of papers presented at the Seventh International Workshop on Computer-Aided Scheduling of Pllblic Transport, which was held at th th the Massachusetts Institute of Technology from August 5 to 8 , 1997. In the tradition of alternating Workshops between North American and Europe - Chicago (1975), Leeds (1980), Montreal (1983), Hamburg (1986), Montreal (1990), and Lisbon (1993), Cambridge (Massachusetts, USA) was selected for the Workshop in 1997. As in earlier workshops, the central theme dealt with vehicle and crew scheduling problems and the development of software systems incorporating operations research techniques for operational planning in public transport. However, following the trend that started in Hamburg in 1987, the scope of this Workshop was broadened to include topics in related fields. Two trends underlie this. First, the recognition that the core scheduling issues in public transport have important common elements with other application areas in which extensive work is also underway, and that it is vital to learn from these other initiatives. Second, while scheduling is indeed a core problem in public transport planning, and has shown the first and greatest benefits from computer application, it is intimately related to the preceding tasks in the planning hierarchy, such as service design, and the following tasks such as operations control and public information.

Environmental Kuznets Curves

Michael P. Vogel
Environmental Kuznets Curves Book PDF

Author : Michael P. Vogel
Publisher : Springer Science & Business Media
Page : 210 pages
File Size : 50,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642585173

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Environmental Kuznets Curves by Michael P. Vogel Pdf

Environmental Kuznets Curves - one of the most controversial issues of current environmental economics - suggest that economic growth may lead to environmental quality improvements. Why and under which circumstances this may be so, are the questions addressed in this book. The approach taken is formal, using techniques of static and dynamic optimisation. In addition, the main assumptions, arguments and conclusions are also presented in a non-formel way.

Time-To-Build

Marga Peeters
Time To Build Book PDF

Author : Marga Peeters
Publisher : Springer Science & Business Media
Page : 208 pages
File Size : 41,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642468155

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Time-To-Build by Marga Peeters Pdf

As large physical capital stock projects need long periods to be built, a time-to-build specification is incorporated in factor demand models. Time-to-build and adjustment costs dynamics are identified since by the first moving average dynamics, whereas by the latter autoregressive dynamics are induced. Empirical evidence for time-to-build is obtained from data from the Dutch construction industry and by the estimation result from the manufacturing industry of six OECD countries.

Axiomatic Utility Theory under Risk

Ulrich Schmidt
Axiomatic Utility Theory under Risk Book PDF

Author : Ulrich Schmidt
Publisher : Springer Science & Business Media
Page : 216 pages
File Size : 46,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642588778

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Axiomatic Utility Theory under Risk by Ulrich Schmidt Pdf

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.