This book combines economic theory and design to create tools that economists can use to apply in social, political and institutional application. This book seeks to provide the necessary stepping stones in order to facilitate the diffusion and adoption of this powerful tool for studying incentive structures in economics. The book presents a number of examples, both theoretical and real-life. It also has a chapter that samples the literature that tests mechanisms away from the blackboard, in laboratories and the real world.

This book provides readers (students and applied economists) with the tools to design the rules of economics to harness the power of incentives.

"General-equilibrium" refers to an analytical approach which looks at the economy as a complete system of inter-dependent components (industries, households, investors, governments, importers and exporters). "Applied" means that the primary interest is in systems that can be used to provide quantitative analysis of economic policy problems in particular countries. Reflecting the authors' belief in the models as vehicles for practical policy analysis, a considerable amount of material on data and solution techniques as well as on theoretical structures has been included. The sequence of chapters follows what is seen as the historical development of the subject.

The book is directed at graduate students and professional economists who may have an interest in constructing or applying general equilibrium models. The exercises and readings in the book provide a comprehensive introduction to applied general equilibrium modeling. To enable the reader to acquire hands-on experience with computer implementations of the models which are described in the book, a companion set of diskettes is available.

After the transition to free economy, governments of the former Soviet republics realized that in spite of becoming a part of the shaky international economic order, their individual economic success can be assured by rational national economic policies that in addition to the fundamental law of supply and demand govern the economic mechanism sensitive to both external and internal phenomena. Originally published in Russian and now translated in English, this book by Dr. A. Ashimov and his colleagues offers a novel theory providing a numerically-justifiable approach to the solution of major economy control problems that are faced by virtually every government in the world. First, they developed and validated numerous mathematical models describing complex interactions between economic and social factors thus enabling the decision makers to foresee the outcomes of their decisions. Second, on the basis of these models the authors formulated the appropriate control problems that could be interpreted as achieving the transition to the desirable economic regimes and maintaining these regimes in spite of initial conditions and both external and internal perturbations. It should be noted that due to the inherent uncertainty introduced by the use of statistical models, the nonlinearity of the underlying phenomena and the intention to obtain the optimal solutions, the solution process becomes quite intricate and calls for the application of the most sophisticated techniques offered in advanced control theory. The authors utilized the most instrumental statistical model validation techniques; they established sufficient conditions for the existence of optimal solutions of the relevant control problems; and they skillfully combined the applications of the phase space formalism, system stability analysis, and the methods of functional analysis. Finally, they developed algorithms resulting in the optimal problem solutions, thus offering economic policy makers a dependable decision support tool. Macroeconomic Analysis and Economic Policy Based on Parametric Control offers a novel, highly mathematical approach to the solution of very realistic economy control problems. It presents a good example of the application of mathematical modeling, advanced control theory, and model-based decision making that could be adopted by researchers and graduate students specializing in economics, control, and relevant areas of research, addressing their own research problems.

This book describes a system of mathematical models and methods that can be used to analyze real economic and managerial decisions and to improve their effectiveness. Application areas include: management of development and operation budgets, assessment and management of economic systems using an energy entropy approach, equation of exchange rates and forecasting foreign exchange operations, evaluation of innovative projects, monitoring of governmental programs, risk management of investment processes, decisions on the allocation of resources, and identification of competitive industrial clusters. The proposed methods and models were tested on the example of Kazakhstan's economy, but the generated solutions will be useful for applications at other levels and in other countries. Regarding your book "Mathematical Methods and Models in Economics", I am impressed because now it is time when "econometrics" is becoming more appreciated by economists and by schools that are the hosts or employers of modern economists. ... Your presented results really impressed me. John F. Nash, Jr., Princeton University, Nobel Memorial Prize in Economic Sciences The book is within my scope of interest because of its novelty and practicality. First, there is a need for realistic modeling of complex systems, both natural and artificial that conclude computer and economic systems. There has been an ongoing effort in developing models dealing with complexity and incomplete knowledge. Consequently, it is clear to recognize the contribution of Mutanov to encapsulate economic modeling with emphasis on budgeting and innovation. Secondly, the method proposed by Mutanov has been verified by applying to the case of the Republic of Kazakhstan, with her vibrant emerging economy. Thirdly, Chapter 5 of the book is of particular interest for the computer technology community because it deals with innovation. In summary, the book of Mutanov should become one of the outstanding recognized pragmatic guides for dealing with innovative systems. Andrzej Rucinski, University of New Hampshire This book is unique in its theoretical findings and practical applicability. The book is an illuminating study based on an applied mathematical model which uses methods such as linear programming and input-output analysis. Moreover, this work demonstrates the author's great insight and academic brilliance in the fields of finance, technological innovations and marketing vis-a-vis the market economy. From both theoretical and practical standpoint, this work is indeed a great achievement. Yeon Cheon Oh, President of Seoul National University

The theory of practical rationality does not belong to one academic discipline alone. There are quite divergent philosophical, economical, sociological, psychological and politological contributions. Sometimes the disciplinary boundaries impede theoretical progress. On the other hand it is an indication for the high complexity of the subject that so many divergent paradigms compete with one another, or - what is worse - live separately in a kind of splendid isolation. Decision theory in the broader sense, embracing the theory of games and collective choice theory, can help to understand practical reason in philosophical analysis. But there are interesting aspects which cannot be dealt with adequately within a decision-theoretic conceptual framework. To have both of these convictions justifies to neglect dis ciplinary boundaries and poses a problem for the orthodoxies of either sides. All the essays of this volume focus on the relation between economic rationality and practical reason and discuss different aspects of the same problem, i. e. a basic deficiency in the standard economic theory of practical rationality. But philosophical analysis would not be of much help if it just rejected the economic paradigm. It must rather help to integrate economic aspects into a broader view on practical reason."

Combining impartial analysis with reliable facts and figures, this fully revised and updated 20th edition provides up-to-date commentary on these vast North American nations. General Survey Essays by leading experts analyse topics of regional importance, including: - US-Canadian integration, immigration, and the treatment of Indigenous peoples in North America. Country Surveys Each country is dealt with in greater detail within its own section. Country chapters include: - a chronology of political events - essays covering key socio-political and economic themes, including: recent political developments; foreign policy; constitution; the economy; energy policy; agriculture; trade; health and social policy - additional essays examining timely subjects such as US-Chinese economic competition, religion in US politics and the US Judicial system - historical, political and economic surveys of each of the US states and Canadian provinces and territories - statistical surveys of economic and demographic indicators - comprehensive directory sections covering public affairs, the economy and society, which provide contact details and other useful information for the most significant institutions in the region.

The goal of this book is to assess the efficacy of India's financial deregulation programme by analyzing the developments in cost efficiency and total factor productivity growth across different ownership types and size classes in the banking sector over the post-deregulation years. The work also gauges the impact of inclusion or exclusion of a proxy for non-traditional activities on the cost efficiency estimates for Indian banks, and ranking of distinct ownership groups. It also investigates the hitherto neglected aspect of the nature of returns-to-scale in the Indian banking industry. In addition, the work explores the key bank-specific factors that explain the inter-bank variations in efficiency and productivity growth. Overall, the empirical results of this work allow us to ascertain whether the gradualist approach to reforming the banking system in a developing economy like India has yielded the most significant policy goal of achieving efficiency and productivity gains. The authors believe that the findings of this book could give useful policy directions and suggestions to other developing economies that have embarked on a deregulation path or are contemplating doing so.

This book examines the numerous aspects of exchange rates and the dynamics of macroeconomics, focusing on the PPP puzzle, volatility, levels, with an exploration of the real exchange rate misalignment of the Central European countries single equation approach, an examination of the real equilibrium exchange rate in China, exchange rate dynamics and pass-through effects in Russia and Hungary, and structural shocks on economies.

Japan is a tiny country that occupies only 0.25% of the world's total land area. However, this small country is the world's third largest in economy: the Japanese GDP is roughly equivalent to the sum of any two major countries in Europe as of 2012. This book is a first attempt to ask leaders of top Japanese companies, such as Toyota, about their thoughts on mathematics. The topics range from mathematical problems in specific areas (e.g., exploration of natural resources, communication networks, finance) to mathematical strategy that helps a leader who has to weigh many different issues and make decisions in a timely manner, and even to mathematical literacy that ensures quality control. The reader may notice that every article reflects the authors' way of life and thinking, which can be evident in even one sentence. This book is an enlarged English edition of the Japanese book What Mathematics Can Do for You: Essays and Tips from Japanese Industry Leaders. In this edition we have invited the contributions of three mathematicians who have been working to expand and strengthen the interaction between mathematics and industry. The role of mathematics is usually invisible when it is applied effectively and smoothly in science and technology, and mathematical strategy is often hidden when it is used properly and successfully. The business leaders in successful top Japanese companies are well aware of this invisible feature of mathematics in applications aside from the intrinsic depth of mathematics. What Mathematics Can Do for You ultimately provides the reader an opportunity to notice what is hidden but key to business strategy.

This book presents the latest advances in the theory and practice of Marshall-Olkin distributions. These distributions have been increasingly applied in statistical practice in recent years, as they make it possible to describe interesting features of stochastic models like non-exchangeability, tail dependencies and the presence of a singular component. The book presents cutting-edge contributions in this research area, with a particular emphasis on financial and economic applications. It is recommended for researchers working in applied probability and statistics, as well as for practitioners interested in the use of stochastic models in economics. This volume collects selected contributions from the conference "Marshall-Olkin Distributions: Advances in Theory and Applications," held in Bologna on October 2-3, 2013.

Spatial statistics are useful in subjects as diverse as climatology, ecology, economics, environmental and earth sciences, epidemiology, image analysis and more. This book covers the best-known spatial models for three types of spatial data: geostatistical data (stationarity, intrinsic models, variograms, spatial regression and space-time models), areal data (Gibbs-Markov fields and spatial auto-regression) and point pattern data (Poisson, Cox, Gibbs and Markov point processes). The level is relatively advanced, and the presentation concise but complete.

The most important statistical methods and their asymptotic properties are described, including estimation in geostatistics, autocorrelation and second-order statistics, maximum likelihood methods, approximate inference using the pseudo-likelihood or Monte-Carlo simulations, statistics for point processes and Bayesian hierarchical models. A chapter is devoted to Markov Chain Monte Carlo simulation (Gibbs sampler, Metropolis-Hastings algorithms and exact simulation).
A large number of real examples are studied with R, and each chapter ends with a set of theoretical and applied exercises. While a foundation in probability and mathematical statistics is assumed, three appendices introduce some necessary background. The book is accessible to senior undergraduate students with a solid math background and Ph.D. students in statistics. Furthermore, experienced statisticians and researchers in the above-mentioned fields will find the book valuable as a mathematically sound reference.

This book is the English translation of Modelisation et Statistique Spatiales published by Springer in the series Mathematiques & Applications, a series established by Societe de Mathematiques Appliquees et Industrielles (SMAI)."

The theme of this book is health outcomes in India, in particular to outcomes relating to its caste and religious groups and, within these groups, to their women and children. The book's tenor is analytical and based upon a rigorous examination of recent data from both government and non-government sources. The major areas covered are sanitation, use by mothers of the government's child development services, child malnutrition, deaths in families, gender discrimination, and the measurement of welfare.

Herbert Scarf is a highly esteemed distinguished American economist. He is internationally famous for his early epoch-making work on optimal inventory policies and his highly influential study with Andrew Clark on optimal policies for a multi-echelon inventory problem, which initiated the important and flourishing field of supply chain management. Equally, he has gained world recognition for his classic study on the stability of the Walrasian price adjustment processes and his fundamental analysis on the relationship between the core and the set of competitive equilibria (the so-called Edgeworth conjecture). Further achievements include his remarkable sufficient condition for the existence of a core in non-transferable utility games and general exchange economies, his seminal paper with Lloyd Shapley on housing markets, and his pioneering study on increasing returns and models of production in the presence of indivisibilities. All in all, however, the name of Scarf is always remembered as a synonym for the computation of economic equilibria and fixed points. In the early 1960s he invented a path-breaking technique for computing equilibrium prices.This work has generated a major research field in economics termed Applied General Equilibrium Analysis and a corresponding area in operations research known as Simplicial Fixed Point Methods. This book comprises all his research articles and consists of four volumes. The volume collects Herbert Scarf's papers in the area of Applied Equilibrium Analysis.

The book addresses the problem of calculation of d-dimensional integrals (conditional expectations) in filter problems. It develops new methods of deterministic numerical integration, which can be used to speed up and stabilize filter algorithms. With the help of these methods, better estimates and predictions of latent variables are made possible in the fields of economics, engineering and physics. The resulting procedures are tested within four detailed simulation studies.

This book presents an extensive survey of the theory and empirics of international parity conditions which are critical to our understanding of the linkages between world markets and the movement of interest and exchange rates across countries. The book falls into three parts dealing with the theory, methods of econometric testing and existing empirical evidence. Although it is intended to provide a consensus view on the subject, the authors also make some controversial propositions, particularly on the purchasing power parity conditions.

Handbook of Alternative Data in Finance, Volume I motivates and challenges the reader to explore and apply Alternative Data in finance. The book provides a robust and in-depth overview of Alternative Data, including its definition, characteristics, difference from conventional data, categories of Alternative Data, Alternative Data providers, and more. The book also offers a rigorous and detailed exploration of process, application and delivery that should be practically useful to researchers and practitioners alike. Features Includes cutting edge applications in machine learning, fintech, and more Suitable for professional quantitative analysts, and as a resource for postgraduates and researchers in financial mathematics Features chapters from many leading researchers and practitioners.

In recent years, as part of the increasing "informationization" of industry and the economy, enterprises have been accumulating vast amounts of detailed data such as high-frequency transaction data in nancial markets and point-of-sale information onindividualitems in theretail sector. Similarly,vast amountsof data arenow ava- able on business networks based on inter rm transactions and shareholdings. In the past, these types of information were studied only by economists and management scholars. More recently, however, researchers from other elds, such as physics, mathematics, and information sciences, have become interested in this kind of data and, based on novel empirical approaches to searching for regularities and "laws" akin to those in the natural sciences, have produced intriguing results. This book is the proceedings of the international conference THICCAPFA7 that was titled "New Approaches to the Analysis of Large-Scale Business and E- nomic Data," held in Tokyo, March 1-5, 2009. The letters THIC denote the Tokyo Tech (Tokyo Institute of Technology)-Hitotsubashi Interdisciplinary Conference. The conference series, titled APFA (Applications of Physics in Financial Analysis), focuses on the analysis of large-scale economic data. It has traditionally brought physicists and economists together to exchange viewpoints and experience (APFA1 in Dublin 1999, APFA2 in Liege ` 2000, APFA3 in London 2001, APFA4 in Warsaw 2003, APFA5 in Torino 2006, and APFA6 in Lisbon 2007). The aim of the conf- ence is to establish fundamental analytical techniques and data collection methods, taking into account the results from a variety of academic disciplines.

Each chapter of Macroeconometrics is written by respected econometricians in order to provide useful information and perspectives for those who wish to apply econometrics in macroeconomics. The chapters are all written with clear methodological perspectives, making the virtues and limitations of particular econometric approaches accessible to a general readership familiar with applied macroeconomics. The real tensions in macroeconometrics are revealed by the critical comments from different econometricians, having an alternative perspective, which follow each chapter.

This book presents a theory of the general dynamic economic equilibrium which is a development of the static theory of Walras and Pareto. The work has built up an analytical model of the effective, current movement of an economic system, founded on the logic of the individual changing programmes - a basis for finding out the laws of all types of endogenous and exogenous movements of the economy. Indeed, the model can be used in the treatment of the typical problems of dynamic economics, by means of the author's method of variational dynamic analysis.

Two central problems in the pure theory of economic growth are analysed in this monograph: 1) the dynamic laws governing the economic growth processes, 2) the kinematic and geometric properties of the set of solutions to the dynamic systems. With allegiance to rigor and the emphasis on the theoretical fundamentals of prototype mathematical growth models, the treatise is written in the theorem-proof style. To keep the exposition orderly and as smooth as possible, the economic analysis has been separated from the purely mathematical issues, and hence the monograph is organized in two books. Regarding the scope and content of the two books, an "Introduction and Over view" has been prepared to offer both motivation and a brief account. The introduc tion is especially designed to give a recapitulation of the mathematical theory and results presented in Book II, which are used as the unifying mathematical framework in the analysis and exposition of the different economic growth models in Book I. Economists would probably prefer to go directly to Book I and proceed by consult ing the mathematical theorems of Book II in confirming the economic theorems in Book I. Thereby, both the independence and interdependence of the economic and mathematical argumentations are respected."

This book collects contributions written by well-known statisticians and econometricians to acknowledge Leopold Simar s far-reaching scientific impact on Statistics and Econometrics throughout his career. The papers contained herein were presented at a conference in
Louvain-la-Neuve in May 2009 in honor of his retirement. The contributions cover a broad variety of issues surrounding frontier
estimation, which Leopold Simar has contributed much to over the past two decades, as well as related issues such as semiparametric regression and models for censored data.

This book collects contributions written by well-known statisticians and econometricians to acknowledge Leopold Simar s far-reaching scientific impact on Statistics and Econometrics throughout his career. The papers contained herein were presented at a conference in
Louvain-la-Neuve in May 2009 in honor of his retirement. The contributions cover a broad variety of issues surrounding frontier
estimation, which Leopold Simar has contributed much to over the past two decades, as well as related issues such as semiparametric regression and models for censored data.

Jean-Jacques Rousseau wrote in the Preface to his famous Discourse on Inequality that "I consider the subject of the following discourse as one of the most interesting questions philosophy can propose, and unhappily for us, one of the most thorny that philosophers can have to solve. For how shall we know the source of inequality between men, if we do not begin by knowing mankind?" (Rousseau, 1754). This citation of Rousseau appears in an article in Spanish where Dagum (2001), in the memory of whom this book is published, also cites Socrates who said that the only useful knowledge is that which makes us better and Seneca who wrote that knowing what a straight line is, is not important if we do not know what rectitude is. These references are indeed a good illustration of Dagum's vast knowledge, which was clearly not limited to the ?eld of Economics. For Camilo the ?rst part of Rousseau's citation certainly justi?ed his interest in the ?eld of inequality which was at the centre of his scienti?c preoccupations. It should however be stressed that for Camilo the second part of the citation represented a "solid argument in favor of giving macroeconomic foundations to microeconomic behavior" (Dagum, 2001). More precisely, "individualism and methodological holism complete each other in contributing to the explanation of individual and social behavior" (Dagum, 2001).

Tax policy questions may relate to specific problems, concerning perhaps the revenue implications of a particular tax, or they may involve an extensive analysis of the cost and redistributive effects of many taxes and transfer payments. This book is concerned with the ways in which tax policy design can be enhanced by the use of a behavioural tax microsimulation model capable of evaluating the effects of planned or actual tax reforms. An advantage of such a large-scale tax simulation model, which reflects the heterogeneity of the population and captures the details of the tax structure, is that it can examine detailed practical policy questions and can provide direct inputs into policy debates. After introducing behavioural models, the authors discuss the role of means testing, several hypothetical policy reforms, actual and proposed reforms and recent modelling developments.Tax Policy Design and Behavioural Microsimulation Modelling will be of interest to academics and researchers of economics, econometrics and public finance. It will also be useful reading for policymakers responsible for the formulation of taxation.

This book provides detailed empirical analysis of countries in Asia to examine various dynamic models that incorporate the impact of technology and innovations on the industry evolution and overall economic growth.

This book provides a better understanding of how intellectual property can improve economic and business performance. It focuses on three particular issues: the valuation of patents, the transfer of knowledge, and the management of innovation and intellectual property. Scholars from leading worldwide institutions use quantitative methods and advanced survey techniques to explore the complex relationship between patents, innovation, venture capital and scientific research. The book focuses on three broad issues: the valuation of patents, the transfer of knowledge, and the management of innovation and intellectual property.