To derive rational and convincible solutions to practical decision making problems in complex and hierarchical human organizations, the decision making problems are formulated as relevant mathematical programming problems which are solved by developing optimization techniques so as to exploit characteristics or structural features of the formulated problems. In particular, for resolving con?ict in decision making in hierarchical managerial or public organizations, the multi level formula tion of the mathematical programming problems has been often employed together with the solution concept of Stackelberg equilibrium. However, weconceivethatapairoftheconventionalformulationandthesolution concept is not always suf?cient to cope with a large variety of decision making situations in actual hierarchical organizations. The following issues should be taken into consideration in expression and formulation of decision making problems. Informulationofmathematicalprogrammingproblems, itistacitlysupposedthat decisions are made by a single person while game theory deals with economic be havior of multiple decision makers with fully rational judgment. Because two level mathematical programming problems are interpreted as static Stackelberg games, multi level mathematical programming is relevant to noncooperative game theory; in conventional multi level mathematical programming models employing the so lution concept of Stackelberg equilibrium, it is assumed that there is no communi cation among decision makers, or they do not make any binding agreement even if there exists such communication. However, for decision making problems in such as decentralized large ?rms with divisional independence, it is quite natural to sup pose that there exists communication and some cooperative relationship among the decision maker

There can be no rise in the value of labor without a fall of profits. If the corn is to be divided between the farmer and the laborer, the larger the proportion that is given to the latter the less will remain for the former. -from "On Value" Friend to, colleague of, and influence on the likes of James Mill, Jeremy Bentham, and Thomas Malthus, revolutionary British writer DAVID RICARDO (1772-1823) was one of the foundational thinkers of classical economics, developing theories of rent, wages, profits, value, and labor that continue to dramatically impact economic philosophy today. Principles of Political Economy and Taxation, first published in 1817, is his major work. Here, he introduces the concept of comparative advantage, explores the impact of taxes, examines the effects of accumulation of profits and interest, discusses trade, currency, and banks, and much more. ALSO FROM COSIMO: Ricardo's Classics of Economics: The High Price of Bullion and An Essay on Profits British writer DAVID RICARDO (1772-1823) was one of the foundational thinkers of classical economics, developing theories of rent, wages, profits, value, and labor that continue to dramatically impact economic philosophy today.

This book covers a wide spectrum of issues in behavioural game theory (BGT), ranging from players' heterogeneity, social preferences and reciprocity, to learning, information and punishment in public good games. The book opens up the interdisciplinary aspects of BGT, and presents models which are tested through experimental methods.

This is the first book combining research on the Global Environment, Catastrophic Risks and Economic Theory and Policy. Modern economic theory originated in the middle of the twentieth century when industrial expansion coupled with population growth led to a voracious use of natural resources and global environmental concerns. It is uncontested that, for the first time in recorded history, humans dominate the planet, changing the planet's atmosphere, its bodies of water, and the complex web of species that makes life on earth. This radical change in circumstances led to rethinking of the foundations of human organization and, in particular, the industrial economy and the economic theory behind it. This book brings together new approaches on multiple levels: environmental sustainability requires rethinking in terms of economic theory and policy as well as the considerations of catastrophic risk and extremal events. Leading experts address questions of economic governance, risk management, policy decision making and distribution across time and space.

Dilip K. Das succinctly covers the principal normative and positive strands that one needs to be properly familiar with in the area of economic globalization. The selection and rejection of themes for coverage in the book has been carefully done. The picture of globalization has been painted with a broad brush. The unique feature that distinguishes it from the competition is its succinct coverage of numerous, carefully selected, thematic issues that falls under the rubric of globalization. The book is easy to access for the target readership because of its descriptive analysis style.

This innovative book analyses the role and importance of investment in knowledge and fixed capital as two distinct sources of technological change. It provides a balance to most of the recent literature on technological change, which focuses almost exclusively on R&D and intangible investment in innovation and technological assets. The author shows how innovative investment in fixed capital still represents a central part of innovation in firms. The book begins by reviewing the major economic approaches to technology and innovation. It discusses the progressive shift from capital (embodied) investment to disembodied investment including R&D and design. Using one of the most extensive data sources, Rinaldo Evangelista empirically tests whether disembodied technological activities are more important than traditional investment in productive capital. Perhaps surprisingly, the evidence suggests that fixed productive capital emerges as the most relevant and widespread source of investment in innovation across firms and industrial sectors. The author concludes that even in high-tech industries embodied and disembodied technological activities are complementary rather than substitutive. This book will be welcomed by those interested in technological and innovation studies, industrial organization and business strategy.

In this exciting new volume from the Society for Economic Anthropology, Cynthia Werner and Duran Bell bring together a group of distinguished anthropologists and economists to discuss the complex ways in which different cultures imbue material objects with symbolic qualities whose value cannot be reduced to material or monetary equivalents. Objects with sacred or symbolic qualities are valued quite differently than mundane objects, and the contributors to this volume set out to unravel how and why. In the first of three sections, the authors consider the extent to which sacred objects can or cannot be exchanged between individuals (e.g., ancestral objects, land, dreaming stories). In the next section, contributors discuss the value and power of markets, money, and credit. They consider theoretical models for understanding money transactions, competing currencies, and the power of credit among marginalized groups around the globe. The last section examines the ways in which contemporary people bestow symbolic value on some objects (e.g., family heirlooms, pre-Columbian artifacts, fashion goods) and finally how some individuals themselves are valued in monetary and symbolic ways. With its emphasis on the interplay of cultural and economic values, this volume will be a vital resource for economists and economic anthropologists. Published in cooperation with the Society for Economic Anthropology. Visit their web page.

What you ll find in this monograph is nothing less than a complete and rigorous study of modern functional analysis. It is intended for the student or researcher who could benefit from functional analytic methods, but who does not have an extensive background in the subject and does not plan to make a career as a functional analyst. It develops the topological structures in connection with a number of topic areas such as measure theory, convexity, and Banach lattices, as well as covering the analytic approach to Markov processes. Many of the results were previously available only in works scattered throughout the literature.

Everyone has heard of environmentalism, but what is it? Is it ideology or religion? Like socialism, environmentalism is a political program, but even more diffuse. Environmentalists hold diverse opinions, from wanting to take care of nature in human interest to putting nature above man. The latter is religious environmentalism, with nature taking the place of the supernatural. This book is a critique of this type of environmentalism, appropriately named ecofundamentalism. This may be a minority or even marginal opinion, but it seems to shape people's thinking to an unwarranted degree. In the worst of cases, it would bring the end of civilization as we know it. Without massive monocultures, supported by pesticides and fertilizer, we could never feed ourselves. Almost 90 percent of our primary energy comes from fossil fuels, without which there would be no air travel, cars and trucks, reliable electricity, and even much of our food supply. Putting a premium on biodiversity and getting serious about greenhouse gas emissions would force us to go without these things, putting us back in the Middle Ages. Fortunately, there is no need to heed any of these environmentalist prescriptions. Contrary to the notion that economic growth is unsustainable and our core problem, it is actually the core solution. Economic growth and technology has made it possible for food production to outpace population growth since the industrial revolution. Economic growth is one reason why population growth worldwide has fallen so that the "population bomb" may never explode. It has also made us largely independent of the weather except for growing our crops. Meanwhile, ecofundamentalism would cause more harm than good.

One of the most striking paradoxes of our time has been the growing importance of regions in the face of a globalizing economy. This insightful book explains the dynamics of regions in a global economy and sheds light on the role of knowledge in driving regional growth. The author examines the way in which regions grow by receiving knowledge from surrounding regions. Using evolutionary theory, she advances the argument that knowledge spillovers operate locally. Computer-simulations analyse the impact of knowledge spillovers on economic growth across European regions. Finally, the author uses new original data on, among others, patents and research and development to demonstrate differences in economic and innovative activity across regions.

This volume addresses trends, causes, and consequences of the new economy in micro- and macroeconomic terms. Modern information and communications technologies increase the efficiency of traditional activities and pave the way for creating new activities and products. How will market participants cope with the challenges of the new economy and which role will governments play in a dramatically changing world?The book presents a thorough analysis of the effects of new technologies and products on overall productivity and on goods markets, labor markets, and financial markets. It also deals with the implications of the new economy for the welfare state and discusses the issue of whether there is a need for new regulatory devices, in particular in the field of international trade in goods and services.

This books focuses on co-design, and more specifically, on the various forms co-design might take to tackle the most pressing societal challenges, introducing public-interest services as the main application field. To do so, it presents an extensive study conducted within a particular community of residents in Milan: this is a social innovation story integrated into the discipline of service design, which simultaneously deepens the related concepts of co-design, co-production and co-management of services. Drawing upon this experience and further studies, the book presents the idea of a collaborative infrastructure and its related infrastructuring process in ten steps, in order to explore the issues of incubation and replication of services and to extensively investigate the creation of those experimental spaces in which citizen participation is fostered and innovation in the public realm is pursued. Lastly, the book develops other lines of reflection on co-design seen, for example, as a form of cultural activism, as an instrument for building citizenship, and as a key competence for the public administration and thus as a public service itself. The idea of co-design as a way to regenerate the practices of democracy is a recurring theme throughout the book: co-design is a process that seeks to change the state of things and it is intentionally presented as a long and complex path in which the role of designer is not only that of a facilitator, but also that of a cultural operator who contributes with ideas and visions, hopefully fostering a real cultural change.

The general theme of "Social Dimensions in the Economic Process" is an old one in economic anthropology. On the abstract end it involves, first, the degree of social content of individual transactions and, second, how economic processes relate to social structure. More specifically, the theme relates to matters such as the need for trust resulting in personalized systems of economic transactions, and how institutions shape economic arrangements. In five parts, the first two parts deal with the social content and consequences of economic relations. Parts III and IV address particular institutions, the household and agrarian relations. The volume ends in Part V with chapters linked to globalization.

This volume represents the beginning of a 'cross pollination' of different social scientific disciplines, bridging the boundaries between national and disciplinary epistemic communities in the worlds of European welfare markets. It maps the common ground and uncovers new research directions for the future study of actors, policies and institutions shaping the growth and dynamics of European welfare markets. The book defines welfare markets as politically shaped, regulated and state supported markets that provide social goods and services through the competitive activities of non-state actors. The chapters focus on what happens after states have initiated welfare markets, with equal weight given to the analysis of the agency of state actors and non-state actors in the contraction, stabilisation, and disruption of welfare markets. By focusing the analysis on two cases of welfare markets, private pensions and home-based domestic/care work, the contributions explore and compare the dynamics of different types of markets. The research will be of use to sociologists and scholars of social policy interested in the social dimension of welfare markets, political scientists and political economists, as well as diverse epistemic communities across the social sciences. Chapter 1 is available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.

In this accessible book, Gavin Kennedy takes a fresh look at Adam Smith's moral philosophy and its links to his political economy and his lectures on Jurisprudence. The book provides a new analysis of Wealth of Nations , and argues that Adam Smith's intellectual legacy was completely transformed in the Nineteenth and Twentieth centuries by economists pursuing different agendas, to create ideas and policies that Smith did not advocate. It also provides a new explanation for the main mysteries about Smith's later life.

There was a time when theologians and economists knew much more about each other's work than they do today. This book is dedicated to reconnecting two disciplines that study different dimensions of the human condition. The well respected contributors - economists, theologians, some both - explore the interaction of Christian theology and market economics, from the earliest times to the modern day. There is much to surprise, puzzle and edify serious students of theology and economics as well as the merely curious. This unique work has a historical time-span reaching from Aristotle to the modern day, thus appealing to those interested in the history of ideas and economic thought as well as the links between theological and economic thought. Economists studying the intellectual roots of their discipline, as well as Christians researching the links between Christian beliefs and the worldly philosophy governing everyday commercial lives will also welcome it.

This book examines the life and work of John Kenneth Galbraith, a truly iconic figure in progressive modern liberalism and a seminal influence in the rise of heterodox political economy. It emphasizes his continuing relevance to the current research of today, and to the multifaceted crisis of democratic capitalism.

The volume is made up of three main chapters. The first provides a biography of Fellner. The second is an annotated bibliography of Fellner's published works and includes sections on books he wrote, his articles and essays, books he edited, and his public remarks. The third chapter is an annotated bibliography of works about Fellner and his ideas. This volume also includes name and subject indexes. In a volume that will be both useful to the professional economist and accessible to the nonspecialist, this bio-bibliography provides a guide to the work of William J. Fellner, a respected economist, policy adviser, and highly regarded member of the public policy research establishment. His work contains the full sweep of contemporary economic thought. The volume includes a biography, an annotated bibliography of Fellner's published works, and an annotated bibliography of works about Fellner and his ideas. It also includes name and subject indexes.

This volume contains a collection of papers all concerned with the exploration of economic and social dynamics in relation to the innovation process and its outcomes. This theme is firmly rooted in the Schumpeterian tradition in which an economic perspective is mutually embedded in a wider awareness of the role of other disciplines. Indeed since Schumpeter's time, the degree of specialisation within the social sciences has risen many fold, new sub disciplines continue to emerge, highly specialised theoretical tools and empirical methods continue to be developed, and new fields for the study of management and business overlap with the more traditional social sciences. There is, consequently, a need for connecting principles to offset the dangers of intellectual fragmentation. Evolutionary economics and evolutionary analysis more generally, certainly provide some of these connecting principles. The various contributions to this volume reflect upon this research programme in a number of ways.

This book provides an introduction to the models, methods, and results of some rescheduling problems in the presence of unexpected disruption events, including job unavailability, arrival of new jobs, and machine breakdown. The occurrence of these unexpected disruptions may cause a change in the planned schedule, which may render the originally feasible schedule infeasible. Rescheduling, which involves adjusting the original schedule to account for a disruption, is necessary in order to minimize the effects of the disruption on the performance of the system. This involves a trade-off between finding a cost-effective new schedule and avoiding excessive changes to the original schedule. This book views scheduling theory as practical theory, and it has made sure to emphasize the practical aspects of its topic coverage. Thus, this book considers some scenarios existing in most real-world environments, such as preventive machine maintenance, and deteriorating effect where the actual processing time of a job gets longer along with machine's usage and age. To alleviate the effect of disruption events, some flexible strategies are adopted, including allocation extra resources to reduce job processing times or rejection the production of some jobs. For each considered scenario, depending on the model settings and on the disruption events, this book addresses the complexity, and the design of efficient exact or approximated algorithms. Especially when optimization methods and analytic tools fall short, this book stresses metaheuristics including improved elitist non-dominated sorting genetic algorithm and differential evolution algorithm. This book also provides extensive numerical studies to evaluate the performance of the proposed algorithms. The problem of rescheduling in the presence of unexpected disruption events is of great importance for the successful implementation of real-world scheduling systems. There is now an astounding body of knowledge in this field. This book is the first monograph on rescheduling. It aims at introducing the author's research achievements in rescheduling. It is written for researchers and Ph.D. students working in scheduling theory and other members of scientific community who are interested in recent scheduling models. Our goal is to enable the reader to know about some new achievements on this topic.

This book presents recent research on robustness in econometrics. Robust data processing techniques - i.e., techniques that yield results minimally affected by outliers - and their applications to real-life economic and financial situations are the main focus of this book. The book also discusses applications of more traditional statistical techniques to econometric problems. Econometrics is a branch of economics that uses mathematical (especially statistical) methods to analyze economic systems, to forecast economic and financial dynamics, and to develop strategies for achieving desirable economic performance. In day-by-day data, we often encounter outliers that do not reflect the long-term economic trends, e.g., unexpected and abrupt fluctuations. As such, it is important to develop robust data processing techniques that can accommodate these fluctuations.

As a stunning tide of democratization sweeps across much of the world, countries must cope with increasing problems of economic development, political and social integration, and greater public demand of scarce resources. That ability to respond effectively to these issues depends largely on the institutional choices of each of these newly democratizing countries. With critics of national political institutions in the United States arguing that the American separation-of-powers system promotes ineffectiveness and policy deadlock, many question whether these countries should emulate American institutions or choose parliamentary institutions instead. The essays in this book fully examine whether parliamentary government is superior to the separation-of-powers system through a direct comparison of the two. In addressing specific policy areassuch as innovation and implementation of energy policies after the oil shocks of 1970, management of societal cleavages, setting of government priorities in budgeting, representation of diffuse interest in environmental policy, and management of defense forcesthe authors define capabilities that allow governments to respond to policy problems. Do Institutions Matter? includes case studies that bear important evidence on when and how institutions influence government effectiveness. The authors discover a widespread variation among parliamentary systems both in institutional arrangements and in governmental capabilities, and find that many of the failings of policy performance commonly attributed to American political institutions are in fact widely shared among western industrial countries. Moreover, they show how American political institutions inhibitsome government capabilities while enhancing others. Changing American institutions to improve some aspects of governmental performance could hurt other widely valued capabilities. The authors draw important guidelines for institutional reformers while emphasizing that institutions do have predictable risks and opportunities. They caution that a balance between such risks and opportunities must first be reached before policy reformers try to change political institutions.

This state-of-the art collection of papers analyses various aspects of the theory of externalities and public goods. The contributions employ new analytical techniques like the aggregative game approach, and discuss the philosophical underpinnings of the theory. Furthermore, they highlight a range of topical empirical applications including climate policy and counterterrorism. This contributed volume was written in memory of Richard C. Cornes, a pioneer in the theory of externalities and public goods.

This book shows how the realistic foundations and stylized facts of Post-Keynesian economics give rise to macroeconomic implications that are different from those of received wisdom with regards to employment, output growth, inflation and monetary theory, and offers an alternative to neoclassical economics and its free-market economic policies.

The contributors to this edited collection argue that a flexible Job Guarantee program able to react to an economy's fluctuating need for work would stabilize the labor standard, the value of employment in relation to money. During economic downturns, the program would expand to provide more public sector jobs in response to private sector layoffs. It would then contract when economic growth offered private sector employment opportunities. This flexible full employment program would create a balanced, perpetually active labor force, providing the macroeconomic stability necessary to define a functioning labor standard. Just as the gold standard measured the worth of money against gold reserves, John Maynard Keynes argued, so a labor standard ought to measure the value of money in terms of its labor equivalent. However, he failed to account for the fact that, unlike a gold standard, a labor standard does not have any kind of surety that money will continue to match its value in paid work over time. Together, the contributors argue that full employment would provide this missing security and allow authorities to define the value equivalencies of money and labor, the way that money once represented its exact equivalent in gold.