Using unique and cutting-edge research, Schofield a prominent author in the US for a number of years, explores the growth area of positive political economy within economics and politics. The first book to explain the spatial model of voting from a mathematical, economics and game-theory perspective it is essential reading for all those studying positive political economy.

This impressive collection from some of today's leading distributional analysts provides an overview a wide range of economic, statistical and sociological relationships that have been opened up for scientific study by the work of two turn-of-the-20th-century economists: C. Gini and M. O. Lorenz. The authors include such figues as Barry Arnold and Frank Cowell and the resulting book deserves its place on the bookshelf of serious mathematical economists everywhere.

Designed for a one-semester course, Applied Statistics for Business and Economics offers students in business and the social sciences an effective introduction to some of the most basic and powerful techniques available for understanding their world. Numerous interesting and important examples reflect real-life situations, stimulating students to think realistically in tackling these problems. Calculations can be performed using any standard spreadsheet package. To help with the examples, the author offers both actual and hypothetical databases on his website http: //iwu.edu/ bleekley

The text explores ways to describe data and the relationships found in data. It covers basic probability tools, Bayes? theorem, sampling, estimation, and confidence intervals. The text also discusses hypothesis testing for one and two samples, contingency tables, goodness-of-fit, analysis of variance, and population variances. In addition, the author develops the concepts behind the linear relationship between two numeric variables (simple regression) as well as the potentially nonlinear relationships among more than two variables (multiple regression). The final chapter introduces classical time-series analysis and how it applies to business and economics.

This text provides a practical understanding of the value of statistics in the real world. After reading the book, students will be able to summarize data in insightful ways using charts, graphs, and summary statistics as well as make inferences from samples, especially about relationships.

Meghnad Desai's work presents a significant challenge to economics as currently practised. Poverty, Famine and Economic Development brings together essays which reflect his long-standing interest in economic development. Issues discussed include econometric testing of the disguised unemployment hypothesis, theoretical and applied approaches to famine, poverty in rich as well as poor countries, poverty in Latin America and state involvement in economic development. The volume also includes a discussion of the essay by Lenin which was the basis of the 'New Economic Policy', the first attempt at Market Socialism in the Soviet Union. The volume also includes a substantial autobiographical preface, in which Lord Desai explains how he became an economist and the influences behind the development of his thought, as well as a specific introduction explaining how he came to produce the papers included in this volume.

This book explores how econometric modelling can be used to provide valuable insight into international housing markets. Initially describing the role of econometrics modelling in real estate market research and how it has developed in recent years, the book goes on to compare and contrast the impact of various macroeconomic factors on developed and developing housing markets. Explaining the similarities and differences in the impact of financial crises on housing markets around the world, the author's econometric analysis of housing markets across the world provides a broad and nuanced perspective on the impact of both international financial markets and local macro economy on housing markets. With discussion of countries such as China, Germany, UK, US and South Africa, the lessons learned will be of interest to scholars of Real Estate economics around the world.

This book contains the most complete set of the Chinese national income and its components based on system of national accounts. It points out some fundamental issues concerning the estimation of China's national income and it is intended to the students of the field of China study around the world.

Leverage the full power of Bayesian analysis for competitive advantage Bayesian methods can solve problems you can't reliably handle any other way. Building on your existing Excel analytics skills and experience, Microsoft Excel MVP Conrad Carlberg helps you make the most of Excel's Bayesian capabilities and move toward R to do even more. Step by step, with real-world examples, Carlberg shows you how to use Bayesian analytics to solve a wide array of real problems. Carlberg clarifies terminology that often bewilders analysts, and offers sample R code to take advantage of the rethinking package in R and its gateway to Stan. As you incorporate these Bayesian approaches into your analytical toolbox, you'll build a powerful competitive advantage for your organization-and yourself. Explore key ideas and strategies that underlie Bayesian analysis Distinguish prior, likelihood, and posterior distributions, and compare algorithms for driving sampling inputs Use grid approximation to solve simple univariate problems, and understand its limits as parameters increase Perform complex simulations and regressions with quadratic approximation and Richard McElreath's quap function Manage text values as if they were numeric Learn today's gold-standard Bayesian sampling technique: Markov Chain Monte Carlo (MCMC) Use MCMC to optimize execution speed in high-complexity problems Discover when frequentist methods fail and Bayesian methods are essential-and when to use both in tandem

Achille Nicolas Isnard (1749-1803) an engineer with a keen interest in political economy, is best known for demonstrating the concept of market equilibrium using a system of simultaneous equations. The breadth and depth of his work undoubtedly established him as one of the forerunners of modern mathematical economics, yet his seminal contributions to the study of economics remained largely unrecognized until the latter half of the twentieth century. This pioneering new book, the first in English, examines Isnard's life and illuminates his major contributions to political economy. It contains substantial extracts from a number of his publications presented both in English translation and in the original French so Isnard can now finally achieve his place at the heart of discussion on the origins of mathematical economics. The diverse issues covered here will ensure that this book appeals not only to economists with an interest in the history of mathematical economics, but to anyone interested in the emergence of political economy and in wider social thought during the Enlightenment.

Score your highest in econometrics? Easy.

Econometrics can prove challenging for many students unfamiliar with the terms and concepts discussed in a typical econometrics course. "Econometrics For Dummies "eliminates that confusion with easy-to-understand explanations of important topics in the study of economics.

"Econometrics For Dummies "breaks down this complex subject and provides you with an easy-to-follow course supplement to further refine your understanding of how econometrics works and how it can be applied in real-world situations.An excellent resource for anyone participating in a college or graduate level econometrics courseProvides you with an easy-to-follow introduction to the techniques and applications of econometricsHelps you score high on exam day

If you're seeking a degree in economics and looking for a plain-English guide to this often-intimidating course, "Econometrics For Dummies" has you covered.

Tackling the cybersecurity challenge is a matter of survival for society at large. Cyber attacks are rapidly increasing in sophistication and magnitude-and in their destructive potential. New threats emerge regularly, the last few years having seen a ransomware boom and distributed denial-of-service attacks leveraging the Internet of Things. For organisations, the use of cybersecurity risk management is essential in order to manage these threats. Yet current frameworks have drawbacks which can lead to the suboptimal allocation of cybersecurity resources. Cyber insurance has been touted as part of the solution - based on the idea that insurers can incentivize companies to improve their cybersecurity by offering premium discounts - but cyber insurance levels remain limited. This is because companies have difficulty determining which cyber insurance products to purchase, and insurance companies struggle to accurately assess cyber risk and thus develop cyber insurance products. To deal with these challenges, this volume presents new models for cybersecurity risk management, partly based on the use of cyber insurance. It contains: A set of mathematical models for cybersecurity risk management, including (i) a model to assist companies in determining their optimal budget allocation between security products and cyber insurance and (ii) a model to assist insurers in designing cyber insurance products. The models use adversarial risk analysis to account for the behavior of threat actors (as well as the behavior of companies and insurers). To inform these models, we draw on psychological and behavioural economics studies of decision-making by individuals regarding cybersecurity and cyber insurance. We also draw on organizational decision-making studies involving cybersecurity and cyber insurance. Its theoretical and methodological findings will appeal to researchers across a wide range of cybersecurity-related disciplines including risk and decision analysis, analytics, technology management, actuarial sciences, behavioural sciences, and economics. The practical findings will help cybersecurity professionals and insurers enhance cybersecurity and cyber insurance, thus benefiting society as a whole. This book grew out of a two-year European Union-funded project under Horizons 2020, called CYBECO (Supporting Cyber Insurance from a Behavioral Choice Perspective).

The goal of Portfolio Rebalancing is to provide mathematical and empirical analysis of the effects of portfolio rebalancing on portfolio returns and risks. The mathematical analysis answers the question of when and why fixed-weight portfolios might outperform buy-and-hold portfolios based on volatilities and returns. The empirical analysis, aided by mathematical insights, will examine the effects of portfolio rebalancing in capital markets for asset allocation portfolios and portfolios of stocks, bonds, and commodities.

The quantitative modeling of complex systems of interacting risks is a fairly recent development in the financial and insurance industries. Over the past decades, there has been tremendous innovation and development in the actuarial field. In addition to undertaking mortality and longevity risks in traditional life and annuity products, insurers face unprecedented financial risks since the introduction of equity-linking insurance in 1960s. As the industry moves into the new territory of managing many intertwined financial and insurance risks, non-traditional problems and challenges arise, presenting great opportunities for technology development. Today's computational power and technology make it possible for the life insurance industry to develop highly sophisticated models, which were impossible just a decade ago. Nonetheless, as more industrial practices and regulations move towards dependence on stochastic models, the demand for computational power continues to grow. While the industry continues to rely heavily on hardware innovations, trying to make brute force methods faster and more palatable, we are approaching a crossroads about how to proceed. An Introduction to Computational Risk Management of Equity-Linked Insurance provides a resource for students and entry-level professionals to understand the fundamentals of industrial modeling practice, but also to give a glimpse of software methodologies for modeling and computational efficiency. Features Provides a comprehensive and self-contained introduction to quantitative risk management of equity-linked insurance with exercises and programming samples Includes a collection of mathematical formulations of risk management problems presenting opportunities and challenges to applied mathematicians Summarizes state-of-arts computational techniques for risk management professionals Bridges the gap between the latest developments in finance and actuarial literature and the practice of risk management for investment-combined life insurance Gives a comprehensive review of both Monte Carlo simulation methods and non-simulation numerical methods Runhuan Feng is an Associate Professor of Mathematics and the Director of Actuarial Science at the University of Illinois at Urbana-Champaign. He is a Fellow of the Society of Actuaries and a Chartered Enterprise Risk Analyst. He is a Helen Corley Petit Professorial Scholar and the State Farm Companies Foundation Scholar in Actuarial Science. Runhuan received a Ph.D. degree in Actuarial Science from the University of Waterloo, Canada. Prior to joining Illinois, he held a tenure-track position at the University of Wisconsin-Milwaukee, where he was named a Research Fellow. Runhuan received numerous grants and research contracts from the Actuarial Foundation and the Society of Actuaries in the past. He has published a series of papers on top-tier actuarial and applied probability journals on stochastic analytic approaches in risk theory and quantitative risk management of equity-linked insurance. Over the recent years, he has dedicated his efforts to developing computational methods for managing market innovations in areas of investment combined insurance and retirement planning.

A fair question to ask of an advocate of subjective Bayesianism (which the author is) is "how would you model uncertainty?" In this book, the author writes about how he has done it using real problems from the past, and offers additional comments about the context in which he was working.

Examining the crucial topic of race relations, this book explores the economic and social environments that play a significant role in determining economic outcomes and why racial disparities persist.

With contributions from a range of international contributors including Edward Wolff and Catherine Weinberger, the book compares how various racial groups fare and are affected in different ways by economic and social institution. Themes covered in the book include:

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• the economic status of various racial and ethnic groups, including their progress or retrenchment over the years
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• how the law, economic motivations, and increased competition for jobs affect racial disparities.

This is an invaluable resource for researchers and academics across a number of disciplines including political economy, ethnic and multicultural studies, Asian studies, and sociology.

Model Building is the most fruitful area of economics, designed to solve real-world problems using all available methods such as mathematical, computational and analytical, without distinction. Wherever necessary, we should not be reluctant to develop new techniques, whether mathematical or computational. That is the philosophy of this volume.The volume is divided into three distinct parts: Methods, Theory and Applications. The Methods section is in turn subdivided into Mathematical Programming and Econometrics and Adaptive Control System, which are widely used in econometric analysis. The impacts of fiscal policy in a regime with independent monetary authority and dynamic models of environmental taxation are considered.In the section on "Modelling Business Organization", a model of a Japanese organization is presented. Furthermore, a model suitable for an efficient budget management of a health service unit by applying goal programming method is analyzed, taking into account various socio-economic factors. This is followed by a section on "Modelling National Economies", in which macroeconometric models for the EU member countries are analyzed, to find instruments that stabilize inflation with coordinated action.

Space is a crucial variable in any economic activity. Spatial Economics is the branch of economics that explicitly aims to incorporate the space dimension in the analysis of economic phenomena. From its beginning in the last century, Spatial Economics has contributed to the understanding of the economy by developing plenty of theoretical models as well as econometric techniques having the "space" as a core dimension of the analysis.This edited volume addresses the complex issue of Spatial Economics from an applied point of view. This volume is part of a more complex project including another edited volume (Spatial Economics Volume I: Theory) collecting original papers which address Spatial Economics from a theoretical perspective.

This book brings together the latest research in the areas of market microstructure and high-frequency finance along with new econometric methods to address critical practical issues in these areas of research. Thirteen chapters, each of which makes a valuable and significant contribution to the existing literature have been brought together, spanning a wide range of topics including information asymmetry and the information content in limit order books, high-frequency return distribution models, multivariate volatility forecasting, analysis of individual trading behaviour, the analysis of liquidity, price discovery across markets, market microstructure models and the information content of order flow. These issues are central both to the rapidly expanding practice of high frequency trading in financial markets and to the further development of the academic literature in this area. The volume will therefore be of immediate interest to practitioners and academics. This book was originally published as a special issue of European Journal of Finance.

The development of economics changed dramatically during the twentieth century with the emergence of econometrics, macroeconomics and a more scientific approach in general. One of the key individuals in the transformation of economics was Ragnar Frisch, professor at the University of Oslo and the first Nobel Laureate in economics in 1969. He was a co-founder of the Econometric Society in 1930 (after having coined the word econometrics in 1926) and edited the journal Econometrics for twenty-two years. The discovery of the manuscripts of a series of eight lectures given by Frisch at the Henri Poincar Institute in March April 1933 on The Problems and Methods of Econometrics will enable economists to more fully understand his overall vision of econometrics.

This book is a rare exhibition of Frisch 's overview on econometrics and is published here in English for the first time. Edited and with an introduction by Olav Bjerkholt and Ariane Dupont-Kieffer, Frisch 's eight lectures provide an accessible and astute discussion of econometric issues from philosophical foundations to practical procedures.

Concerning the development of economics in the twentieth century and the broader visions about economic science in general and econometrics in particular held by Ragnar Frisch, this book will appeal to anyone with an interest in the history of economics and econometrics.

Space is a crucial variable in any economic activity. Spatial Economics is the branch of economics that explicitly aims to incorporate the space dimension in the analysis of economic phenomena. From its beginning in the last century, Spatial Economics has contributed to the understanding of the economy by developing plenty of theoretical models as well as econometric techniques having the "space" as a core dimension of the analysis. This edited volume addresses the complex issue of Spatial Economics from a theoretical point of view. This volume is part of a more complex project including another edited volume (Spatial Economics Volume II: Applications) collecting original papers which address Spatial Economics from an applied perspective.

Many economic theories depend on the presence or absence of a unit root for their validity, and econometric and statistical theory undergo considerable changes when unit roots are present. Thus, knowledge on unit roots has become so important, necessitating an extensive, compact, and nontechnical book on this subject. This book is rested on this motivation and introduces the literature on unit roots in a comprehensive manner to both empirical and theoretical researchers in economics and other areas. By providing a clear, complete, and critical discussion of unit root literature, In Choi covers a wide range of topics, including uniform confidence interval construction, unit root tests allowing structural breaks, mildly explosive processes, exuberance testing, fractionally integrated processes, seasonal unit roots and panel unit root testing. Extensive, up to date, and readily accessible, this book is a comprehensive reference source on unit roots for both students and applied workers.

This monograph examines the domain of classical political economy using the methodologies developed in recent years both by the new discipline of econo-physics and by computing science. This approach is used to re-examine the classical subdivisions of political economy: production, exchange, distribution and finance.

The book begins by examining the most basic feature of economic life production and asks what it is about physical laws that allows production to take place. How is it that human labour is able to modify the world? It looks at the role that information has played in the process of mass production and the extent to which human labour still remains a key resource. The Ricardian labour theory of value is re-examined in the light of econophysics, presenting agent based models in which the Ricardian theory of value appears as an emergent property. The authors present models giving rise to the class distribution of income, and the long term evolution of profit rates in market economies. Money is analysed using tools drawn both from computer science and the recent Chartalist school of financial theory.

Covering a combination of techniques drawn from three areas, classical political economy, theoretical computer science and econophysics, to produce models that deepen our understanding of economic reality, this new title will be of interest to higher level doctoral and research students, as well as scientists working in the field of econophysics.

The Who, What, and Where of America is designed to provide a sampling of key demographic information. It covers the United States, every state, each metropolitan statistical area, and all the counties and cities with a population of 20,000 or more. Who: Age, Race and Ethnicity, and Household Structure What: Education, Employment, and Income Where: Migration, Housing, and Transportation Each part is preceded by highlights and ranking tables that show how areas diverge from the national norm. These research aids are invaluable for understanding data from the ACS and for highlighting what it tells us about who we are, what we do, and where we live. Each topic is divided into four tables revealing the results of the data collected from different types of geographic areas in the United States, generally with populations greater than 20,000. Table A. States Table B. Counties Table C. Metropolitan Areas Table D. Cities In this edition, you will find social and economic estimates on the ways American communities are changing with regard to the following: Age and race Health care coverage Marital history Education attainment Income and occupation Commute time to work Employment status Home values and monthly costs Veteran status Size of home or rental unit This title is the latest in the County and City Extra Series of publications from Bernan Press. Other titles include County and City Extra, County and City Extra: Special Decennial Census Edition, and Places, Towns, and Townships.

In Telos and Technos, Norman L. Roth breaks out of the strait-jacket of contemporary economic 'paradigms' with a clearly presented systematic remedy for our current economic theory that does not work in the real world of economic truths and consequences. For the first time, the static assumptions that have leeched so much of the credibility out of the dominant "neoclassical" models are put in their place. Truly dynamic concepts of technological time, change in consumer tastes and their measurable impact on the natural environment that must sustain us, are integrated into an interactive system of economic thought. This economic analysis and solution asks: "What are the causes of work?" How do they explain the official statistics of employment, unemployment, and labor participation? The assumption that full employment equilibrium is the natural state towards which an economy gravitates is jettisoned in favor of a far more realistic explanation of how a society really creates jobs. Serious limitations are revealed about our conceit that modern complex economics can be forced into "gyroscopic" stability by simply pressing the right buttons marked "interest rates" and "money-supply." Roth offers a vital and hopeful message to those who fear that modern economics has lost its way as a practical guide to modern society.

Economic evaluation has become an essential component of clinical trial design to show that new treatments and technologies offer value to payers in various healthcare systems. Although many books exist that address the theoretical or practical aspects of cost-effectiveness analysis, this book differentiates itself from the competition by detailing how to apply health economic evaluation techniques in a clinical trial context, from both academic and pharmaceutical/commercial perspectives. It also includes a special chapter for clinical trials in Cancer. Design & Analysis of Clinical Trials for Economic Evaluation & Reimbursement is not just about performing cost-effectiveness analyses. It also emphasizes the strategic importance of economic evaluation and offers guidance and advice on the complex factors at play before, during, and after an economic evaluation. Filled with detailed examples, the book bridges the gap between applications of economic evaluation in industry (mainly pharmaceutical) and what students may learn in university courses. It provides readers with access to SAS and STATA code. In addition, Windows-based software for sample size and value of information analysis is available free of charge-making it a valuable resource for students considering a career in this field or for those who simply wish to know more about applying economic evaluation techniques. The book includes coverage of trial design, case report form design, quality of life measures, sample sizes, submissions to regulatory authorities for reimbursement, Markov models, cohort models, and decision trees. Examples and case studies are provided at the end of each chapter. Presenting first-hand insights into how economic evaluations are performed from a drug development perspective, the book supplies readers with the foundation required to succeed in an environment where clinical trials and cost-effectiveness of new treatments are central. It also includes thought-provoking exercises for use in classroom and seminar discussions.

This two-volume work aims to present as completely as possible the methods of statistical inference with special reference to their economic applications. The reader will find a description not only of the classical concepts and results of mathematical statistics, but also of concepts and methods recently developed for the specific needs of econometrics. The authors have sought to avoid an overly technical presentation and go to some lengths to encourage an intuitive understanding of the results by providing numerous examples throughout. The breadth of approaches and the extensive coverage of the two volumes provide for a thorough and entirely self-contained course in modern econometrics. Volume 1 provides an introduction to general concepts and methods in statistics and econometrics, and goes on to cover estimation and prediction. Volume 2 focuses on testing, confidence regions, model selection, and asymptotic theory.