In this monograph the authors give a systematic approach to the probabilistic properties of the fixed point equation X=AX+B. A probabilistic study of the stochastic recurrence equation X_t=A_tX_{t-1}+B_t for real- and matrix-valued random variables A_t, where (A_t,B_t) constitute an iid sequence, is provided. The classical theory for these equations, including the existence and uniqueness of a stationary solution, the tail behavior with special emphasis on power law behavior, moments and support, is presented. The authors collect recent asymptotic results on extremes, point processes, partial sums (central limit theory with special emphasis on infinite variance stable limit theory), large deviations, in the univariate and multivariate cases, and they further touch on the related topics of smoothing transforms, regularly varying sequences and random iterative systems. The text gives an introduction to the Kesten-Goldie theory for stochastic recurrence equations of the type X_t=A_tX_{t-1}+B_t. It provides the classical results of Kesten, Goldie, Guivarc'h, and others, and gives an overview of recent results on the topic. It presents the state-of-the-art results in the field of affine stochastic recurrence equations and shows relations with non-affine recursions and multivariate regular variation.

This book contributes to the debate on the decoupling of emerging economies from the advanced economies with a new, empirical investigation approach. Taking counterfactual experiments performed using a time-varying panel VAR model, the author argues that over the last thirty years, emerging economies have become less vulnerable to shocks spreading from advanced economies. This resilience to external shocks has changed in a non-progressive manner over time, with phases of greater resilience followed by others of lower resilience and vice versa. This research outlines its wave-like path and presents new results that contribute to the discussion.

This book surveys big data tools used in macroeconomic forecasting and addresses related econometric issues, including how to capture dynamic relationships among variables; how to select parsimonious models; how to deal with model uncertainty, instability, non-stationarity, and mixed frequency data; and how to evaluate forecasts, among others. Each chapter is self-contained with references, and provides solid background information, while also reviewing the latest advances in the field. Accordingly, the book offers a valuable resource for researchers, professional forecasters, and students of quantitative economics.

Contemporary economists, when analyzing economic behavior of people, need to use the diversity of research methods and modern ways of discovering knowledge. The increasing popularity of using economic experiments requires the use of IT tools and quantitative methods that facilitate the analysis of the research material obtained as a result of the experiments and the formulation of correct conclusions. This proceedings volume presents problems in contemporary economics and provides innovative solutions using a range of quantitative and experimental tools. Featuring selected contributions presented at the 2018 Computational Methods in Experimental Economics Conference (CMEE 2018), this book provides a modern economic perspective on such important issues as: sustainable development, consumption, production, national wealth, the silver economy, behavioral finance, economic and non-economic factors determining the behavior of household members, consumer preferences, social campaigns, and neuromarketing. International case studies are also offered.

Theory and application of a variety of mathematical techniques in economics are presented in this volume. Topics discussed include: martingale methods, stochastic processes, optimal stopping, the modeling of uncertainty using a Wiener process, Ito's Lemma as a tool of stochastic calculus, and basic facts about stochastic differential equations. The notion of stochastic ability and the methods of stochastic control are discussed, and their use in economic theory and finance is illustrated with numerous applications.
The applications covered include: futures, pricing, job search, stochastic capital theory, stochastic economic growth, the rational expectations hypothesis, a stochastic macroeconomic model, competitive firm under price uncertainty, the Black-Scholes option pricing theory, optimum consumption and portfolio rules, demand for index bonds, term structure of interest rates, the market risk adjustment in project valuation, demand for cash balances and an asset pricing model.

This book is summarizing the results of the workshop "Uniform Distribution and Quasi-Monte Carlo Methods" of the RICAM Special Semester on "Applications of Algebra and Number Theory" in October 2013. The survey articles in this book focus on number theoretic point constructions, uniform distribution theory, and quasi-Monte Carlo methods. As deterministic versions of the Monte Carlo method, quasi-Monte Carlo rules enjoy increasing popularity, with many fruitful applications in mathematical practice, as for example in finance, computer graphics, and biology. The goal of this book is to give an overview of recent developments in uniform distribution theory, quasi-Monte Carlo methods, and their applications, presented by leading experts in these vivid fields of research.

This is Volume 24 of the monograph series International Symposia in Economic Theory and Econometrics. ISETE publishes proceedings of conferences and symposia, as well as research monographs of the highest quality and importance. All articles published in these volumes are refereed relative to the standards of the best journals, therefore not all papers presented at related symposia are published in these proceedings volumes. The topics chosen for these volumes are those of particular research importance at the time of the selection of the topic.

The Great East Japan Earthquake of March 2011 left the entire world in a state of shock. The international community was unable to fathom how a major economic power, with one of the most extensive natural disaster preparedness programs in the world, could be laid bare to such destruction. Even other highly developed countries began questioning their own abilities to handle natural disasters. Different nations have faced disasters of varying intensity throughout history, and it is in the best interests of the global community to share experiences and wisdom in order to minimize damage wrought by future catastrophes.
Based on conference proceedings presented at The Chinese University of Hong Kong in November 2012, Natural Disaster and Reconstruction in Asian Economies offers leading insight into and viewpoints on disasters from scholars and journalists working in Japan, China, the United States, and Southeast Asia. Yau Shuk-ting focuses on a broader scope of disasters, such as political, economic, social, cultural, and environmental crises, as well as psychological traumas. This work gathers together international wisdom from a variety of perspectives in the hope that nations will be better able to manage future disasters and their economic and cultural fallout.

This book focuses on the assessment of different coal gasification technologies for the utilization of Russian coals with analyses of economically feasible process chains for preparation of marketable products from high-ash coals. The work presented is important in view of the general competitiveness that marks the future of coal in the world. As the cheapest form of fuel (in comparable terms) coal will undoubtedly be in demand resources in the world. The book consists of parts which include an overview about the major coal characteristics, detailed discussion of fundamental aspects of gasification technologies and gasifiers, an introduction into annex concepts, an overview about different technologies of syngas utilization, technical and economic assessment of several coal-to-liquid and coal-to-chemicals routes, and feasibility demonstration for selected process chains. This book is addressed to the management and engineers of Russian coal companies and scientific staff of Russian research institutions working in the field of coal utilization.

Q: How many female CEOs does it take to break the glass ceiling?

A: That's the wrong question!

Numbers alone simply don't tell the real story of how women are doing in today's corporate world. Success on Our Own Terms does. It's filled with real stories — stories of ordinary women who are making an extraordinary difference in the way corporations work.

Success on Our Own Terms features women of different ages, ethnic backgrounds, and educational levels. Their combined experiences offer a fascinating portrait of how the corporate landscape has changed for women over the last few decades. This book is filled with the wisdom of these experiences, from important lessons on navigating corporate corridors and influencing the system to juggling work and personal life, helping local communities, and much more.

Exploring the multidimensional definition of success shared by these women, this book reveals how they are working hard to reach their goals, balance their lives, and make a positive contribution to society. It shows how they —and others like them —are transforming the organization from the inside out through their own unique management style, values, vision, and determination.

By designing, achieving, and owning their success, women are exploding conventional definitions of their progress in the workplace. The female voices in Success on Our Own Terms inform, encourage, and inspire us all.

"Wonderful, timely, and absolutely refreshing. Reading this book excited and inspired me, and reaffirmed my belief that the future will be a great place for women." —Sally Helgesen, author of The Female Advantage: Women's Ways of Leadership and Everyday Revolutionaries: Working Women and the Transformation of American Life

"Virginia O'Brien tells the real story —that 'we are entering a new phase in which women are becoming full participants with men in conducting the nation's business.'. . . It's a heartening read, and a good antidote to media tales of doom and gloom." —Caryl Rivers, coauthor of She Works, He Works: How Two Income Families Are Happier, Healthier, and Better Off

"A must read to understand the multidimensional new values successful women bring to the marketplace of ideas. . . . [Readers] will find themselves, a friend, or a loved one on every page." —Carol R. Goldberg, President of the Avcar Group, Ltd. and former President and COO of Stop & Shop Companies, Inc.

"Insightful and informative. This excellent work brings the stories of successful women executives to the forefront." —Charles E. Rice, Chairman and CEO, Barnett Banks, Inc.

"These are inspiring stories, which I highly recommend." —Richard McCormick, Chairman and CEO, US West, Inc.

Covers the key issues required for students wishing to understand and analyse the core empirical issues in economics. It focuses on descriptive statistics, probability concepts and basic econometric techniques and has an accompanying website that contains all the data used in the examples and provides exercises for undertaking original research.

Markov networks and other probabilistic graphical modes have recently received an upsurge in attention from Evolutionary computation community, particularly in the area of Estimation of distribution algorithms (EDAs). EDAs have arisen as one of the most successful experiences in the application of machine learning methods in optimization, mainly due to their efficiency to solve complex real-world optimization problems and their suitability for theoretical analysis. This book focuses on the different steps involved in the conception, implementation and application of EDAs that use Markov networks, and undirected models in general. It can serve as a general introduction to EDAs but covers also an important current void in the study of these algorithms by explaining the specificities and benefits of modeling optimization problems by means of undirected probabilistic models. All major developments to date in the progressive introduction of Markov networks based EDAs are reviewed in the book. Hot current research trends and future perspectives in the enhancement and applicability of EDAs are also covered. The contributions included in the book address topics as relevant as the application of probabilistic-based fitness models, the use of belief propagation algorithms in EDAs and the application of Markov network based EDAs to real-world optimization problems. The book should be of interest to researchers and practitioners from areas such as optimization, evolutionary computation, and machine learning.

The role of franchising on industry evolution is explored in this book both in terms of the emergence of franchising and its impact on industry structure. Examining literature and statistical information the first section provides an overview of franchising. The Role of Franchising on Industry Evolution then focuses on two core elements; the emergence or franchising and the contextual drivers prompting its adoption, and the impact of franchising on industry-level structural changes. Through two industry case studies, the author demonstrates how franchising has the ability to fundamentally transform an industry's structure from one of fragmentation to one of consolidation.

This book discusses the developments in trade theories, including new-new trade models that account for firm level trade flows, trade growth accounting using inverse gravity models (including distortions in gravity models), the impact of trade liberalization under the aegis of regional and multilateral liberalization efforts of economies using partial and general equilibrium analysis, methodologies of constructing ad valorem equivalents of non-tariff barriers, volatility spillover effects of financial and exchange rate markets. The main purpose of the book is to guide researchers working in the area of international trade, especially focused on empirical analysis of trade policy issues by updating their knowledge on issues related to trade theory, empirical methods, and their applications. The book would prove useful for policy makers, academicians, and researchers.

This work is an examination of borderless markets where national boundaries are no longer the only relevant criteria in making international marketing, economic planning, and business decisions. Understanding political and nonpolitical borders is especially important for products and industries that are culture bound and those that require local adaptation. National culture is one critical factor that affects economic development, demographic behavior, and general business policies around the world. Over 75,000 statistics are provided for over 230 national groups covering a number of social, economic, and business variables. A significant review of literature is also included.

The Analytic Hierarchy Process (AHP) is a prominent and powerful tool for making decisions in situations involving multiple objectives. Models, Methods, Concepts and Applications of the Analytic Hierarchy Process, 2nd Edition applies the AHP in order to solve problems focused on the following three themes: economics, the social sciences, and the linking of measurement with human values. For economists, the AHP offers a substantially different approach to dealing with economic problems through ratio scales. Psychologists and political scientists can use the methodology to quantify and derive measurements for intangibles. Meanwhile researchers in the physical and engineering sciences can apply the AHP methods to help resolve the conflicts between hard measurement data and human values. Throughout the book, each of these topics is explored utilizing real life models and examples, relevant to problems in today's society. This new edition has been updated and includes five new chapters that includes discussions of the following: - The eigenvector and why it is necessary - A summary of ongoing research in the Middle East that brings together Israeli and Palestinian scholars to develop concessions from both parties - A look at the Medicare Crisis and how AHP can be used to understand the problems and help develop ideas to solve them.

This work is an examination of borderless markets where national boundaries are no longer the relevant criteria in making international marketing, economic planning, and business decisions. Understanding nonpolitical borders is especially important for products and industries that are culture bound and those that require local adaptation. Language is often one critical factor that affects economic development, demographic behavior, and general business policies around the world. Over 130,000 statistics are provided for over 460 language groups covering a number of social, economic, and business variables. A significant review of literature is also included.

This proceedings volume presents new methods and applications in applied economic research with an emphasis on advances in panel data analysis. Featuring papers presented at the 2017 International Conference on Applied Economics (ICOAE) held at Coventry University, this volume provides current research on econometric panel data methodologies as they are applied in microeconomics, macroeconomics, financial economics and agricultural economics. International Conference on Applied Economics (ICOAE) is an annual conference that started in 2008 designed to bring together economists from different fields of applied economic research in order to share methods and ideas. Applied economics is a rapidly growing field of economics that combines economic theory with econometrics to analyse economic problems of the real world usually with economic policy interest. In addition, there is growing interest in the field for panel data estimation methods, tests and techniques. This volume makes a contribution in the field of applied economic research in this area. Featuring country specific studies, this book will be of interest to academics, students, researchers, practitioners, and policy makers in applied economics and economic policy.

This book offers hands-on statistical tools for business professionals by focusing on the practical application of a single-equation regression. The authors discuss commonly applied econometric procedures, which are useful in building regression models for economic forecasting and supporting business decisions. A significant part of the book is devoted to traps and pitfalls in implementing regression analysis in real-world scenarios. The book consists of nine chapters, the final two of which are fully devoted to case studies. Today's business environment is characterised by a huge amount of economic data. Making successful business decisions under such data-abundant conditions requires objective analytical tools, which can help to identify and quantify multiple relationships between dozens of economic variables. Single-equation regression analysis, which is discussed in this book, is one such tool. The book offers a valuable guide and is relevant in various areas of economic and business analysis, including marketing, financial and operational management.

This work is an examination of borderless markets where national boundaries are no longer the relevant criteria in making international marketing, economic planning, and business decisions. Understanding nonpolitical borders is especially important for products and industries that are culture bound and those that require local adaptation. Religion is one critical factor that affects economic development, demographic behavior, and general business policies around the world. Over 26,000 statistics are provided for over 70 religious groups covering a number of social, economic, and business variables. A significant review of literature is also included.

The proliferation of the internet has often been referred to as the fourth technological revolution. This book explores the diffusion of radical new communication technologies, and the subsequent transformation not only of products, but also of the organisation of production and business methods.

This work is an examination of borderless markets where national boundaries are no longer the relevant criteria in making international marketing, economic planning, and business decisions. Understanding nonpolitical borders is especially important for products and industries that are culture bound and those that require local adaptation. Ethnic culture is one critical factor that affects economic development, demographic behavior, and general business policies around the world. Over 120,000 statistics are provided for over 400 ethnic groups covering a number of social, economic, and business variables. A significant review of literature is also included.

This book presents the works and research findings of physicists, economists, mathematicians, statisticians, and financial engineers who have undertaken data-driven modelling of market dynamics and other empirical studies in the field of Econophysics. During recent decades, the financial market landscape has changed dramatically with the deregulation of markets and the growing complexity of products. The ever-increasing speed and decreasing costs of computational power and networks have led to the emergence of huge databases. The availability of these data should permit the development of models that are better founded empirically, and econophysicists have accordingly been advocating that one should rely primarily on the empirical observations in order to construct models and validate them. The recent turmoil in financial markets and the 2008 crash appear to offer a strong rationale for new models and approaches. The Econophysics community accordingly has an important future role to play in market modelling. The Econophys-Kolkata VIII conference proceedings are devoted to the presentation of many such modelling efforts and address recent developments. A number of leading researchers from across the globe report on their recent work, comment on the latest issues, and review the contemporary literature.