Toward the late 1990s, several research groups independently began developing new, related theories in mathematical finance. These theories did away with the standard stochastic geometric diffusion "Samuelson" market model (also known as the Black-Scholes model because it is used in that most famous theory), instead opting for models that allowed minimax approaches to complement or replace stochastic methods. Among the most fruitful models were those utilizing game-theoretic tools and the so-called interval market model. Over time, these models have slowly but steadily gained influence in the financial community, providing a useful alternative to classical methods. A self-contained monograph, The Interval Market Model in Mathematical Finance: Game-Theoretic Methods assembles some of the most important results, old and new, in this area of research. Written by seven of the most prominent pioneers of the interval market model and game-theoretic finance, the work provides a detailed account of several closely related modeling techniques for an array of problems in mathematical economics. The book is divided into five parts, which successively address topics including: * probability-free Black-Scholes theory; * fair-price interval of an option; * representation formulas and fast algorithms for option pricing; * rainbow options; * tychastic approach of mathematical finance based upon viability theory. This book provides a welcome addition to the literature, complementing myriad titles on the market that take a classical approach to mathematical finance. It is a worthwhile resource for researchers in applied mathematics and quantitative finance, and has also been written in a manner accessible to financially-inclined readers with a limited technical background.

In this book the theory of social production is systematically formulated in terms and concepts of classical political economy and neo-classical economics. In this way the subject becomes accessible not only to professional researchers in areas of the theory of production and economic growth, but also to the educated reader who is curious about the principles behind the functioning of a national economy. The book can be considered as an introduction for students with a background in physics, chemistry and engineering, who wish to specialize in economics. It is explained how the growth of production is connected with achievements in technological consumption of labour and energy. The theory allows one to analyse the past and the present of the social production system and to build scripts of the future progress. The book could be interesting for energy specialists who are engaged in planning and analysing production and consumption of energy carriers and determining energy policy, and for economists who want to know how energy and technology are affecting economic growth.

An examination of the relationship between philosophical and economic thought in the nineteenth century, Economy and Self explores how the free enterprise theory of Classical Economy influenced and was in turn influenced by the philosophical notion of alienation common in the writings of the age.

The current economic theory of innovation mainly analyses the technology factor and its impact on economic growth. In today's world, growth in information technology and knowledge of new ideas has altered the business paradigm dramatically. Modern economies have undergone a dynamic shift from material manufacturing to a new information technology model with research and development (R&D) and human capital. Through information and communications technology efficient information usage has achieved substantial productivity gains through learning by doing and incremental innovations. The present volume discusses this new paradigm in terms of both theory and industry applications, including Schumpeter in his innovation model and the emphasis on new innovations replacing the old. Growth of business networking and R&D consortium have dramatically helped the modern business to reduce their unit costs and improve efficiency. This volume presents some new models emphasizing knowledge sharing and R&D cooperation. Rapid growth in recent times in some south Asian countries have been cited as growth miracles are largely caused by knowledge spillover and learning by doing, and this volume also investigates the role of incremental innovations. With a strong focus and extension of the current theory of innovation and industry growth experiences of both the US and Asian countries, this book will be of interest to MBA and graduate students in economics, innovation management, and applied industrial economics.

This collection of essays by celebrated authors centers on ideas of rationality and morality in economics. The themes the essays cover are fundamental to economics: the influence of benevolence, altruism, justice and religious principles in our treatment of others in society; and the bases of rationality in decision making under conditions of uncertainty. These common themes are given a wide range of perspectives by the contributors, who discuss whether not just a "rational" but also a "thoughtful" economic man can be fitted into a sophisticated version of the orthodox model of man as a self-interested maximizer, or whether a radical upheaval in economic analysis is needed to accomodate him. The book is an examination by leading authorities of not only the role of rationality and morals in economics, but also the implications of conventional conceptions of rational economic man for all economic study. It constitutes a powerful argument for greater richness and subtlety in ideas about the motivations of individuals in their economic behavior.

Czarniawska-Joerges here presents the first systematic study of how organizational control processes and economic decline are related. As the author notes in her introduction, the typical organizational response to economic stress is a tightening of control--efforts to cut expenses, lay off employees, prescribe budgetary constraints, and more. But, she argues, such a reaction may not be the most beneficial in returning the organization to economic health. In developing a model for the behavior of organizations in economic decline, the author presents several detailed explanatory case studies representing different types of organizations and different reactions to their respective problems. Students of organizational behavior will find here important new insights into the dynamics of organizational control in the face of economic decline.

The author begins by proposing a model for control cycle responses to decline. The bulk of the volume is devoted to a sustained evaluation of the model through the use of the four case studies. The first examines the Polish economy between 1971-81 as a centrally planned and rigidly structured economic organization reacting in an authoritative way to economic threats. Subsequent chapters analyze a multinational chemical corporation attempting an extreme degree of corporate control, the Swedish National Board of Education's attempt to restructure dramatically, and an American electronics firm which effectively loosened control at a critical juncture. The final chapter offers a synthesis of the preceding material and draws conclusions regarding the most effective ways in which organizations can respond to externally induced or internally generated economic stress.

This book acts as a welcome foil to current thinking on the concept of globalisation, which tends to be divided into two distinct camps: one which suggests that the neo-liberal model has triumphed and has no realistic alternative, and another which argues that globalisation, in its most extreme form, does not really exist, rather having evolved gradually from the very beginnings of industrialisation. Bob Milward presents an alternative view of globalisation and argues that indeed there has been a continuum in capitalist development, but that this has been forged by historical processes and the dynamism of the competitive forces of capitalism. He identifies the emergence of monopoly capitalism as an important shaping factor, and in so doing sheds light on issues of underdevelopment, multinational imperialism and crises in advanced capitalist economies. This radical, multidisciplinary account of the condition of the global economy, encompassing a critique of the neo-liberal foundations of orthodox global analysis, will appeal to an extensive audience. Students, researchers and academics in the fields of economics, heterodox economics, economic geography, politics, sociology, development studies, international relations and public policy will find Globalisation? Internationalisation and Monopoly Capitalism to be an engaging read.

This book covers the proceedings from the 2016 International Symposium on Chaos, Complexity and Leadership, and reflects current research results of chaos and complexity studies and their applications in various fields. Included are research papers in the fields of applied nonlinear methods, modeling of data and simulations, as well as theoretical achievements of chaos and complex systems. Also discussed are leadership and management applications of chaos and complexity theory.

Bridging a gap between economic theory and observed reality, this book examines the most visible central banks, the move to monetary union in Europe, the IMF's new role, the rise of managed market economies, and the elevated importance of central banks. In central banking, attention has often turned to the management of liquidity crises and the attainment of economic stability. In the global economy, the respective market economies are more interconnected, and information regarding crises in one part of the industrialized world is rapidly communicated to other nations, giving the crises themselves a more immediate impact. The Asian debt and liquidity crises of 1997-98 were seen as having an impact on the United States, the European Union countries, and even China. In the effort to attain international stability, the information emanating from central banks at a policy level is crucial. This book aims to depict an ideal central bank for a globally connected country.

Two developments heighten the need for such an operations/policy-based ideal: the lessons learned from the European moves to monetary union and the establishment of the European Central Bank, and the increased awareness of banking problems in Asia during the 1997-98 debt and liquidity crises. This timely work will be of interest to economists, bank officials, government policy makers and political scientists.

This book demonstrates the continuing relevance of economics for understanding the world, through a restatement of the importance of plurality and heterodox ideas for teaching and research. The Great Financial Crash of 2007-8 gave rise to a widespread critique of economics for its inability to explain the most significant economic event since the 1930s. The current straightjacket of neo-classical undergraduate economic teaching and research hinders students' understanding of the world they live in. The chapters in this book provide examples to demonstrate the importance of pluralistic and heterodox ideas from across the breadth of economics. The authors' plurality of approach is indicative of the fact that economics is a much broader discipline than the dominant neo-classical orthodoxy would suggest. This volume provides undergraduate students with a range of alternative ideas and university lecturers with examples whereby the curricula have been broadened to include pluralist and heterodox ideas.

This book explores an alternative approach to the conventional, market-based, view of economic theory and economic policy, at theoretical, numerical and applicable levels. The chapters provide a theoretical, empirical, and algorithmic approach to marcodynamics, Sraffian economics, and current policy issues. Post-Keynesian macroeconomics, business cycle theory, the trade cycle, microfoundations, and the Philips Machine are also covered. This book aims to challenge orthodox ideas and provide a lens through which to honour the work of Stefano Zambelli. It will be of relevant to students and academics interested in economics.

This survey of portfolio theory, from its modern origins through more sophisticated, "postmodern" incarnations, evaluates portfolio risk according to the first four moments of any statistical distribution: mean, variance, skewness, and excess kurtosis. In pursuit of financial models that more accurately describe abnormal markets and investor psychology, this book bifurcates beta on either side of mean returns. It then evaluates this traditional risk measure according to its relative volatility and correlation components. After specifying a four-moment capital asset pricing model, this book devotes special attention to measures of market risk in global banking regulation. Despite the deficiencies of modern portfolio theory, contemporary finance continues to rest on mean-variance optimization and the two-moment capital asset pricing model. The term postmodern portfolio theory captures many of the advances in financial learning since the original articulation of modern portfolio theory. A comprehensive approach to financial risk management must address all aspects of portfolio theory, from the beautiful symmetries of modern portfolio theory to the disturbing behavioral insights and the vastly expanded mathematical arsenal of the postmodern critique. Mastery of postmodern portfolio theory's quantitative tools and behavioral insights holds the key to the efficient frontier of risk management.

Recent economic development and the financial and economic crisis require a change in our approach to business and finance. This book combines theology, economy and philosophy in order to examine in detail the idea that the functioning of a free market economy depends upon sound cultural and ethical foundations.

The free market is a cultural achievement, not only an economic phenomenon subject to technical rules of trade and exchange. It is an achievement which lives by and depends upon the values and virtues shared by the majority of those who engage in economic activity. It is these values and virtues that we refer to as culture. Trust, credibility, loyalty, diligence, and entrepreneurship are the values inherent in commercial rules and law. But beyond law, there is also the need for ethical convictions and for global solidarity with developing countries. This book offers new ideas for future sustainable development and responds to an increasing need for a new sense of responsibility for the common good in societal institutions and good leadership.

Scarcity is the basic economic problem confronting all humanity, and humanity has struggled for centuries to overcome it. Yet, despite new ideas and new technology, little has been achieved in dealing with scarcity. Moreover, despite successes in conquering space and in developing technological innovations, humanity has failed to deal successfully with social, economic, environmental, political, and educational problems. This book analyzes these successes and failures and argues that the root of developmental problems lies in continuing human factor decay and underdevelopment. For successful economic development, every country must focus on human factor development.

Traditional books on economic development focus on items like investment, human capital acquisition, population control, foreign aid and technical assistance, international trade, and technology transfer. This book argues that the integrating core of every development program is human factor development. In the presence of human factor decay, no nation can develop, even when the necessary resources are made available.

This book addresses core questions about the nature and structure of contemporary capitalism and the social dynamics and countervailing forces that shape modern life. From a robust and self-consciously sociological framework, it analyzes and interrogates such issues as the nature of the social, the power of the sacred, the nature of authority, the problem of representation, reification, alienation, utopia, and collective resistance. Historical materialism reveals that the scope of productive functions is broader than the crude realism of economism. Marx's critical theory of the commodity and his analysis of the capitalist regime of accumulation remain as vital as ever and serve as a guiding light for the continued exploration of the philosophical underpinnings of critical inquiry and praxis.

Opening a closed economy to trade can lead to greater trade and the emergence of a market economy. Sowing Market Reforms examines the assumptions of liberal economic theory and assesses the impact that increased trade has had on the Russian agrarian sector. Crumley argues that Russian agricultural producers are not simply homo economicus responding to price signals, but rather they are economic actors influenced by institutional, financial, and legal obstacles as well as political culture. By examining a sector of the economy that was exposed to increased imports more than four decades ago, Crumley illuminates the economic pressures, resistance, and reform that help to shape Russia's agrarian sector today.

This book provides a tool for generic readers and graduates who are interested or majoring in systems engineering, decision science, management science, and project management to sharpen their system thinking skills, equipping them with a multiangle perspective, and offering them broader view to understand the complex socioeconomic system in which we are embedded. It systematically investigates the root causes and mechanisms that generate errors through the use of fuzzy set theory, systems science, logic and set theory, and decision science - an area that has rarely been explored in literature. The topics covered include classic error set, fuzzy error set, multivariate error set, error function, identification of errors, error systems, error logic, error matrix, and practical application of error theory in a sewage project.

The process of technological change takes a wide variety of forms. Propositions that may be accurate when referring to the pharmaceutical industry may be totally inappropriate when applied to the aircraft industry or to computers or forest products. The central theme of Nathan Rosenberg's new book is the idea that technological changes are often 'path dependent', in the sense that their form and direction tend to be influenced strongly by the particular sequence of earlier events out of which a new technology has emerged. The book advances the understanding of technological change by explictly recognising its essential diversity and path-dependent nature. Individual chapters explore the particular features of new technologies in different historical and sectoral contexts. This book presents a unique account of how technological change is generated and the processes by which improved technologies are introduced.

The Austrian School of Economics is an intellectual tradition in economics and political economy dating back to Carl Menger in the late-19th century. Menger stressed the subjective nature of value in the individual decision calculus. Individual choices are indeed made on the margin, but the evaluations of rank ordering of ends sought in the act of choice are subjective to individual chooser. For Menger, the economic calculus was about scarce means being deployed to pursue an individual's highest valued ends. The act of choice is guided by subjective assessments of the individual, and is open ended as the individual is constantly discovering what ends to pursue, and learning the most effective way to use the means available to satisfy those ends. This school of economic thinking spread outside of Austria to the rest of Europe and the United States in the early-20th century and continued to develop and gain followers, establishing itself as a major stream of heterodox economics. The Oxford Handbook of Austrian Economics provides an overview of this school and its theories. The various contributions discussed in this book all reflect a tension between the Austrian School's orthodox argumentative structure (rational choice and invisible hand) and its addressing of a heterodox problem situations (uncertainty, differential knowledge, ceaseless change). The Austrian economists from the founders to today seek to derive the invisible hand theorem from the rational choice postulate via institutional analysis in a persistent and consistent manner. Scholars and students working in the field of History of Economic Thought, those following heterodox approaches, and those both familiar with the Austrian School or looking to learn more will find much to learn in this comprehensive volume.

This book presents an unorthodox identity economics that approaches social identity through a non-classical psychology. Garai applies the modern physics concept of wave-particle duality to economic psychology, finding a corresponding duality in object-oriented activity and historically generated social identity. These two factors interconnect to create a double-storied structure of social identity and its behavioral manifestations. The book then presents a calculation device for mediating between behavioral and identity economics. Garai then applies all these factors to two socioeconomic systems developed during the second modernization: Bolshevik-type "socialism" and post-Bolshevik "capitalism." In this context, he examines the Eastern Bloc nomenklatura as a duality of bureaucratic and patron-client organization ("state and party") and the establishment of both today's material capitalism and its other half: human capital economics.

This book provides an enduring response to modern economic problems and the consequent crises, dealing with the economic modelling of nations and the forecasting of economic growth. The main arguments embodied constitute the creation of jobs and the restoration of economic growth, using the implicit acceptance of analysis on differential models and neutral systems for controlling the wealth of nations.

This book presents powerful techniques for solving global optimization problems on manifolds by means of evolutionary algorithms, and shows in practice how these techniques can be applied to solve real-world problems. It describes recent findings and well-known key facts in general and differential topology, revisiting them all in the context of application to current optimization problems. Special emphasis is put on game theory problems. Here, these problems are reformulated as constrained global optimization tasks and solved with the help of Fuzzy ASA. In addition, more abstract examples, including minimizations of well-known functions, are also included. Although the Fuzzy ASA approach has been chosen as the main optimizing paradigm, the book suggests that other metaheuristic methods could be used as well. Some of them are introduced, together with their advantages and disadvantages. Readers should possess some knowledge of linear algebra, and of basic concepts of numerical analysis and probability theory. Many necessary definitions and fundamental results are provided, with the formal mathematical requirements limited to a minimum, while the focus is kept firmly on continuous problems. The book offers a valuable resource for students, researchers and practitioners. It is suitable for university courses on optimization and for self-study.

This book is the seventh volume in this series which explores the life of Nobel Price-winning economist F.A. Hayek (1899-1992). The volume uses archival material, juxtaposed with Hayek's published work to challenge the existing perceptions of his life and thought. It examines the methods by which Hayek interacted with - and schemed against - the knowledge communities that he encountered during his very long life. Chapters explore the 'rules of engagement' that Hayek employed when interacting with fifth leading knowledge communities, including the Nobel Prize selection committee who were led to believe his claim about having predicted the Great Depression. It also explores his interactions with William Beveridge, the founder of the modern British Welfare State, A. C. Pigou, the founder of the market school, J. M. Keynes, Sir Arthur Lewis, and Abba Lerner.

This book uses simple economic theories to explain how China's agricultural economic phenomena exists in reality. It also helps the reader to get a clear understanding of economic phenomena, insight into the "hog cycle" and "food safety," as well as other economic and social phenomena. The language of this book is not only easy to understand, but also uses ancient poetry and humor to make the subject interesting, as it speaks to the history and current situation of Chinese agriculture. It also opens a window for the people to read about agriculture. This is a unique book on agricultural science that fills an important gap in works on agricultural science and agricultural economics.