The search for symmetry is part of the fundamental scientific paradigm in mathematics and physics. Can this be valid also for economics? This book represents an attempt to explore this possibility. The behavior of price-taking producers, monopolists, monopsonists, sectoral market equilibria, behavior under risk and uncertainty, and two-person zero- and non-zero-sum games are analyzed and discussed under the unifying structure called the linear complementarity problem. Furthermore, the equilibrium problem allows for the relaxation of often-stated but unnecessary assumptions. This unifying approach offers the advantage of a better understanding of the structure of economic models. It also introduces the simplest and most elegant algorithm for solving a wide class of problems.

Introduction to Functional Data Analysis provides a concise textbook introduction to the field. It explains how to analyze functional data, both at exploratory and inferential levels. It also provides a systematic and accessible exposition of the methodology and the required mathematical framework. The book can be used as textbook for a semester-long course on FDA for advanced undergraduate or MS statistics majors, as well as for MS and PhD students in other disciplines, including applied mathematics, environmental science, public health, medical research, geophysical sciences and economics. It can also be used for self-study and as a reference for researchers in those fields who wish to acquire solid understanding of FDA methodology and practical guidance for its implementation. Each chapter contains plentiful examples of relevant R code and theoretical and data analytic problems. The material of the book can be roughly divided into four parts of approximately equal length: 1) basic concepts and techniques of FDA, 2) functional regression models, 3) sparse and dependent functional data, and 4) introduction to the Hilbert space framework of FDA. The book assumes advanced undergraduate background in calculus, linear algebra, distributional probability theory, foundations of statistical inference, and some familiarity with R programming. Other required statistics background is provided in scalar settings before the related functional concepts are developed. Most chapters end with references to more advanced research for those who wish to gain a more in-depth understanding of a specific topic.

The book evaluates the importance of constitutional rules and property rights for the German economy in 1990-2015. It is an economic historical study embedded in institutional economics with main references to positive constitutional economics and the property rights theory. This interdisciplinary work adopts a theoretical-empirical dimension and a qualitative-quantitative approach. Formal institutions played a fundamental role in Germany's post-reunification economic changes. They set the legal and institutional framework for the transition process of Eastern Germany and the unification, integration and convergence between the two parts of the country. Although the latter process was not completed, the effects of these formal rules were positive, especially for the former GDR.

It is increasingly common for analysts to seek out the opinions of individuals and organizations using attitudinal scales such as degree of satisfaction or importance attached to an issue. Examples include levels of obesity, seriousness of a health condition, attitudes towards service levels, opinions on products, voting intentions, and the degree of clarity of contracts. Ordered choice models provide a relevant methodology for capturing the sources of influence that explain the choice made amongst a set of ordered alternatives. The methods have evolved to a level of sophistication that can allow for heterogeneity in the threshold parameters, in the explanatory variables (through random parameters), and in the decomposition of the residual variance. This book brings together contributions in ordered choice modeling from a number of disciplines, synthesizing developments over the last fifty years, and suggests useful extensions to account for the wide range of sources of influence on choice.

The series is designed to bring together those mathematicians who are seriously interested in getting new challenging stimuli from economic theories with those economists who are seeking effective mathematical tools for their research. A lot of economic problems can be formulated as constrained optimizations and equilibration of their solutions. Various mathematical theories have been supplying economists with indispensable machineries for these problems arising in economic theory. Conversely, mathematicians have been stimulated by various mathematical difficulties raised by economic theories.

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.

The book describes the theoretical principles of nonstatistical methods of data analysis but without going deep into complex mathematics. The emphasis is laid on presentation of solved examples of real data either from authors' laboratories or from open literature. The examples cover wide range of applications such as quality assurance and quality control, critical analysis of experimental data, comparison of data samples from various sources, robust linear and nonlinear regression as well as various tasks from financial analysis. The examples are useful primarily for chemical engineers including analytical/quality laboratories in industry, designers of chemical and biological processes. Features: Exclusive title on Mathematical Gnostics with multidisciplinary applications, and specific focus on chemical engineering. Clarifies the role of data space metrics including the right way of aggregation of uncertain data. Brings a new look on the data probability, information, entropy and thermodynamics of data uncertainty. Enables design of probability distributions for all real data samples including smaller ones. Includes data for examples with solutions with exercises in R or Python. The book is aimed for Senior Undergraduate Students, Researchers, and Professionals in Chemical/Process Engineering, Engineering Physics, Stats, Mathematics, Materials, Geotechnical, Civil Engineering, Mining, Sales, Marketing and Service, and Finance.

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 title, first published in 1970, provides a comprehensive account of the public finance system in Britain. As well as providing a concise outline of the monetary system as a basis for the realistic understanding of public finance, the author also describes the pattern of government expenditure and revenue in the twentieth-century and goes on to give a detailed account of the taxation system up until April 1969. This title will be of interest to students of monetary economics.

The object of this work, first published in 1977, is to examine the history of the economic and monetary union (EMU) in the European Community, the policies of the parties involved and the conflicts of interest created in the political and economic environment within which all this has taken place. This title will be of interest to students of monetary economics and finance.

This title, first published in 1984, considers a temporary monetary equilibrium theory under certainty in a differentiable framework. Using the techniques of differential topology the author investigates the structure of the set of temporary monetary equilibria. Temporary Monetary Equilibrium Theory: A Differentiable Approach will be of interest to students of monetary 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.

This title, first published in 1984, is a contribution to applied international trade theory. The author explores the specification and estimation of a multisector general equilibrium model of the open economy. The model is formulated with the aim of assessing empirically the effects of three key policy variables on trade flows, domestic prices, and the trade balance. The policy variables with which the author is concerned are the rate of growth of the stock of domestic credit, commercial policy, as represented by tariffs, and, finally, the exchange rate. This title will be of interest to students of economics.

Dependence Modeling with Copulas covers the substantial advances that have taken place in the field during the last 15 years, including vine copula modeling of high-dimensional data. Vine copula models are constructed from a sequence of bivariate copulas. The book develops generalizations of vine copula models, including common and structured factor models that extend from the Gaussian assumption to copulas. It also discusses other multivariate constructions and parametric copula families that have different tail properties and presents extensive material on dependence and tail properties to assist in copula model selection. The author shows how numerical methods and algorithms for inference and simulation are important in high-dimensional copula applications. He presents the algorithms as pseudocode, illustrating their implementation for high-dimensional copula models. He also incorporates results to determine dependence and tail properties of multivariate distributions for future constructions of copula models.

Provides a comprehensive and accessible introduction to general insurance pricing, based on the author’s many years of experience as both a teacher and practitioner. Suitable for students taking a course in general insurance pricing, notably if they are studying to become an actuary through the UK Institute of Actuaries exams. No other title quite like this on the market that is perfect for teaching/study, and is also an excellent guide for practitioners.

The interaction between mathematicians and statisticians reveals to be an effective approach to the analysis of insurance and financial problems, in particular in an operative perspective.

The Maf2006 conference, held at the University of Salerno in 2006, had precisely this purpose and the collection published here gathers some of the papers presented at the conference and successively worked out to this aim. They cover a wide variety of subjects in insurance and financial fields.

This book investigates why economics makes less visible progress over time than scientific fields with a strong practical component, where interactions with physical technologies play a key role. The thesis of the book is that the main impediment to progress in economics is "false feedback", which it defines as the false result of an empirical study, such as empirical evidence produced by a statistical model that violates some of its assumptions. In contrast to scientific fields that work with physical technologies, false feedback is hard to recognize in economics. Economists thus have difficulties knowing where they stand in their inquiries, and false feedback will regularly lead them in the wrong directions. The book searches for the reasons behind the emergence of false feedback. It thereby contributes to a wider discussion in the field of metascience about the practices of researchers when pursuing their daily business. The book thus offers a case study of metascience for the field of empirical economics. The main strength of the book are the numerous smaller insights it provides throughout. The book delves into deep discussions of various theoretical issues, which it illustrates by many applied examples and a wide array of references, especially to philosophy of science. The book puts flesh on complicated and often abstract subjects, particularly when it comes to controversial topics such as p-hacking. The reader gains an understanding of the main challenges present in empirical economic research and also the possible solutions. The main audience of the book are all applied researchers working with data and, in particular, those who have found certain aspects of their research practice problematic.

Self-contained chapters on the most important applications and methodologies in finance, which can easily be used for the reader’s research or as a reference for courses on empirical finance. Each chapter is reproducible in the sense that the reader can replicate every single figure, table, or number by simply copy-pasting the code we provide. A full-fledged introduction to machine learning with tidymodels based on tidy principles to show how factor selection and option pricing can benefit from Machine Learning methods. Chapter 2 on accessing & managing financial data shows how to retrieve and prepare the most important datasets in the field of financial economics: CRSP and Compustat. The chapter also contains detailed explanations of the most important data characteristics. Each chapter provides exercises that are based on established lectures and exercise classes and which are designed to help students to dig deeper. The exercises can be used for self-studying or as source of inspiration for teaching exercises.

The second book in a set of ten on quantitative finance for practitioners Presents the theory needed to better understand applications Supplements previous training in mathematics Built from the author's four decades of experience in industry, research, and teaching

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.

In-depth coverage of discrete-time theory and methodology. Numerous, fully worked out examples and exercises in every chapter. Mathematically rigorous and consistent yet bridging various basic and more advanced concepts. Judicious balance of financial theory, mathematical, and computational methods. Guide to Material.

The second book in a set of ten on quantitative finance for practitioners Presents the theory needed to better understand applications Supplements previous training in mathematics Built from the author's four decades of experience in industry, research, and teaching

This book presents the principles and methods for the practical analysis and prediction of economic and financial time series. It covers decomposition methods, autocorrelation methods for univariate time series, volatility and duration modeling for financial time series, and multivariate time series methods, such as cointegration and recursive state space modeling. It also includes numerous practical examples to demonstrate the theory using real-world data, as well as exercises at the end of each chapter to aid understanding. This book serves as a reference text for researchers, students and practitioners interested in time series, and can also be used for university courses on econometrics or computational finance.

This book contains some of the results from the research project "Demand for Food in the Nordic Countries," which was initiated in 1988 by Professor Olof Bolin of the Agricultural University in Ultuna, Sweden and by Professor Karl Iohan Weckman, of the University of Helsinki, Finland. A pilot study was carried out by Bengt Assarsson, which in 1989 led to a successful application for a research grant from the NKJ (The Nordic Contact Body for Agricultural Research) through the national research councils for agricultural research in Denmark, Finland, Norway and Sweden. We are very grateful to Olof Bolin and Karl Iohan Weckman, without whom this project would not have come about, and to the national research councils in the Nordic countries for the generous financial support we have received for this project. We have received comments and suggestions from many colleagues, and this has improved our work substantially. At the start of the project a reference group was formed, consisting of Professor Olof Bolin, Professor Anders Klevmarken, Agr. lie. Gert Aage Nielsen, Professor Karl Iohan Weckman and Cando oecon. Per Halvor Vale. Gert Aage Nielsen left the group early in the project for a position in Landbanken, and was replaced by Professor Lars Otto, while Per Halvor Vale soon joined the research staff. The reference group has given us useful suggestions and encouraged us in our work. Weare very grateful to them.