Scholars, students, policy makers and business practitioners will find the theoretical and empirical models provided by this book helpful in understanding the economics of technical change at both the micro and macro levels. The major focus is on the question of how economic models can be used to study firms' behavior in the innovation process. The book also stresses strategies that policy makers can use to bolster technical change, technology diffusion, and economic growth.

Goel covers the main topics in the economics of technical change in seven chapters. Each chapter introduces a discussion of key issues and research of the area. This is followed by detailed models on key topics. The reader is exposed to general issues, as well as a detailed insight into one or two of the most crucial issues. This provides a familiarity with the current state of economic research and unresolved questions in the area.

In How Language Informs Mathematics Dirk Damsma shows how Hegel's and Marx's systematic dialectical analysis of mathematical and economic language helps us understand the structure and nature of mathematical and capitalist systems. More importantly, Damsma shows how knowledge of the latter can inform model assumptions and help improve models. His book provides a blueprint for an approach to economic model building that does away with arbitrarily chosen assumptions and is sensitive to the institutional structures of capitalism. In light of the failure of mainstream economics to understand systemic failures like the financial crisis and given the arbitrary character of most assumptions in mainstream models, such an approach is desperately needed.

This book is novel in that it reveals significant issues of economics, management and business fields currently observed in network industries such as public utilities and transportation, and provides empirical evidence of their mechanisms and policy implications from various perspectives. This is a holistic collection of literature on public utilities economics and management, since the industries discussed include a wide range such as electricity, water supply, sewerage, transport, and postal service, which compound social infrastructure as public benefit service, and the issues examined contain not only economics topics such as cost, efficiency, and productivity, but also management topics such as governance, strategy and organizational restructuring. The book also investigates general private companies to derive future implications for policy and governance of public utilities, and covers multiple countries such as Japan, the US, and Vietnam. It demonstrates various empirical approaches and methodologies for public utility analysis through 17 chapters by experts in each field, which contributes to further cultivation of empirical studies in public utilities.

Bayesian econometric methods have enjoyed an increase in popularity in recent years. Econometricians, empirical economists, and policymakers are increasingly making use of Bayesian methods. This handbook is a single source for researchers and policymakers wanting to learn about Bayesian methods in specialized fields, and for graduate students seeking to make the final step from textbook learning to the research frontier. It contains contributions by leading Bayesians on the latest developments in their specific fields of expertise. The volume provides broad coverage of the application of Bayesian econometrics in the major fields of economics and related disciplines, including macroeconomics, microeconomics, finance, and marketing. It reviews the state of the art in Bayesian econometric methodology, with chapters on posterior simulation and Markov chain Monte Carlo methods, Bayesian nonparametric techniques, and the specialized tools used by Bayesian time series econometricians such as state space models and particle filtering. It also includes chapters on Bayesian principles and methodology.

Cost-benefit analysis (CBA) is the systematic and analytical process of comparing benefits and costs in evaluating the desirability of a project or programme - often of a social nature. It attempts to answer such questions as whether a proposed project is worthwhile, the optimal scale of a proposed project and the relevant constraints. CBA is fundamental to government decision making and is established as a formal technique for making informed decisions on the use of society's scarce resources. This timely sixth edition of the classic Cost-Benefit Analysis text continues to build on the successful approach of previous editions, with lucid explanation of key ideas, simple but effective expository short chapters and an appendix on various useful statistical and mathematical concepts and derivatives. The book examines important developments in the discipline, with relevant examples and illustrations as well as new and expanded chapters which build upon standard materials on CBA. Highlights include: updated historical background of CBA extended non-market goods valuation methods the impact of uncertainty evaluation of programmes and services behavioural economics decision rules and heuristics CBA and regulatory reforms CBA in developed and developing countries value of household production other topics frequently encountered in CBA, such as costs of diseases and air pollution, and value of statistical life. This book is a valuable source and guide to international funding agencies, governments, interested professional economists and senior undergraduate and graduate students. The text is fully supported by a companion website, which includes discussion questions and PowerPoint slides for each chapter.

The Beatles are considered the most influential popular music act of the twentieth century, widely recognized for their influence on popular culture. The inability of other bands and artists to imitate their fame has prompted questions such as: How did the Beatles become so successful? What factors contributed to their success? Why did they break up? The Beatles and Economics: Entrepreneurship, Innovation, and the Making of a Cultural Revolution answers these questions using the lens of economic analysis. Economics provides the prism for explaining why their success-while legendary in scale-is not mythic. This book explores how the band's commercial achievements were intimately tied to the larger context of economic globalization and rebuilding post-World War II. It examines how the Beatles' time in Hamburg is best understood as an investment in human capital, and why the entrepreneurial growth mindset was critical to establishing a scalable market niche and sustaining the Beatles' ability to lead and shape emerging markets in entertainment and popular music. Later chapters consider how the economics of decision making and organizational theory helps us to understand the band's break-up at its economic peak. This essential text is of interest to anyone interested in the economic dynamics and social forces that shape cultural change.

The goal of this publication is to provide basic tools of differential topology to study systems of nonlinear equations, and to apply them to the analysis of general equilibrium models with complete and incomplete markets. The main content of general equilibrium analysis is to study existence, (local) uniqueness and efficiency of equilibria. To study existence Differential Topology and General Equilibrium with Complete and Incomplete Markets combines two features. As a first step, first order conditions (of agents' maximization problems) and market clearing conditions, instead of aggregate excess demand functions, are used. As a second step, a homotopy argument, stated and proved in relatively elementary manner, is applied to that "extended systemof equations. Local uniqueness and smooth dependence of the endogenous variables from the exogenous ones are studied using a version of a so called parametric transversality theorem. In a standard general equilibrium model, all equilibria are efficient, but that is not the case if some imperfection, like incomplete markets, asymmetric information, strategic interaction, is added. Then, for almost all economies, equilibria are inefficient, and an outside institution can Pareto improve upon the market outcome. Those results are proved showing that a well-chosen system of equations has no solutions.
The target audience of Differential Topology and General Equilibrium with Complete and Incomplete Markets consists of researchers interested in economic theory. The needed background is multivariate analysis, basic linear algebra and basic general topology.

Truett and Truett's Eighth Edition shows how to use economic analysis to solve problems and make effective decisions in the complex world of business. The highly successful problem-solving approach, clear and accurate presentation of economic theory, and outstanding cases combine to make the best presentation of managerial economics yet.
* Walks readers step by step through specific types of problems, including elasticity calculations, cost minimization, and profit maximization.
* Shows how real-world firms have addressed issues discussed in the book.
* Emphasizes the global aspects of managerial economics and its application in the international marketplace.

John Kenneth Galbraith's classic examination of the 1929 financial collapse.

Arguing that the 1929 stock market crash was precipitated by rampant speculation in the stock market, Galbraith notes that the common denominator of all speculative episodes is the belief of participants that they can become rich without work. It was Galbraith's belief that a good knowledge of what happened in 1929 was the best safeguard against its recurrence.

Atlantic Monthly wrote, "Economic writings are seldom notable for their entertainment value, but this book is. Galbraith's prose has grace and wit, and he distills a good deal of sardonic fun from the whopping errors of the nation's oracles and the wondrous antics of the financial community."

An indispensable roadmap and a refreshingly optimistic take on our economic future: Award-winning New Yorker staff writer and brilliant creator of NPR's Planet Money shows us how the 21st century economic paradigm offers unprecedented opportunities for curious, ambitious individuals to combine the things they love with their careers.

From 'Focus on Intimacy at Scale' to 'Find Your Valuable Five Percent' and 'The Harder Your Core Customer Is to Reach, The Better You Will Do', Adam Davidson lays down the Ground Rules for success in the new economy.

Drawing on inspiring case studies - a sweatshop-owner's daughter fighting for better working conditions, an Amish craftsman meeting the technological needs of his fellow farmers - as well as the latest academic research, he shows us how the twentieth-century economy of scale has given way in this century to an economy of passion.

Davidson's special talent for breaking down daunting economic terminology and making theory accessible have won him not only respect as an economics guru but also most of broadcast journalism's highest honours. In this breath-of-fresh-air book, he inspires us all to see that with intimacy, insight, attention, automation, and of course, passion, we can succeed in this new economic world.

With so much emphasis on calls (especially covered calls) many traders overlook the tremendous hedging and profit potential of the put. The Amazing Put demonstrates the many strategies based on the put option, including the risk hedge, a long put (often a long-term, or LEAPS put) that freezes market risk at the put's strike (minus its premium); and the short uncovered put, which has market risk identical to the covered call. The author methodically lays out the case for using puts wisely, both as a cash generator with low risk, and as a risk hedge to reduce or eliminate market risk in equity positions. Every options trader will benefit from exploring these strategies, and novices will gain a starting point in developing a program to enhance their stock portfolio. Michael C. Thomsett is a market expert, author, speaker, and coach. His many books include Stock Market Math, Candlestick Charting, and Options, Tenth Edition.

This is a thorough exploration of the models and methods of financial econometrics by one of the world's leading financial econometricians and is for students in economics, finance, statistics, mathematics, and engineering who are interested in financial applications. Based on courses taught around the world, the up-to-date content covers developments in econometrics and finance over the last twenty years while ensuring a solid grounding in the fundamental principles of the field. Care has been taken to link theory and application to provide real-world context for students. Worked exercises and empirical examples have also been included to make sure complicated concepts are solidly explained and understood.

Through a series of studies, the overarching aim of this book is to investigate if and how the digitalization/digital transformation process affects various welfare services provided by the public sector, and the ensuing implications thereof. Ultimately, this book seeks to understand if it is conceivable for digital advancement to result in the creation of private/non-governmental alternatives to welfare services, possibly in a manner that transcends national boundaries. This study also investigates the possible ramifications of technological development for the public sector and the Western welfare society at large. This book takes its point of departure from the 2016 Organization for Economic Co-operation and Development (OECD) report that targets specific public service areas in which government needs to adopt new strategies not to fall behind. Specifically, this report emphasizes the focus on digitalization of health care/social care, education, and protection services, including the use of assistive technologies referred to as "digital welfare." Hence, this book explores the factors potentially leading to whether state actors could be overrun by other non-governmental actors, disrupting the current status quo of welfare services. The book seeks to provide an innovative, enriching, and controversial take on society at large and how various aspects of the public sector can be, and are, affected by the ongoing digitalization process in a way that is not covered by extant literature on the market. This book takes its point of departure in Sweden given the fact that Sweden is one of the most digitalized countries in Europe, according to the Digital Economy and Society Index (DESI), making it a pertinent research case. However, as digitalization transcends national borders, large parts of the subject matter take on an international angle. This includes cases from several other countries around Europe as well as the United States.

Contract theory, which emphasizes the importance of unverifiable actions and private information, has been a highly active field of research in microeconomics in the last decades. This thesis is divided into two parts. Part I consists of three chapters that study contract-theoretic models which are motivated by the classic procurement problem of a principal who wants an agent to deliver a certain good or service. In such models it is typically assumed that decision makers are interested in their own monetary payoffs only. Moreover, they have unlimited cognitive abilities and behave in a perfectly rational way. Yet, in practice people often do not behave this way. While empirical research is very difficult in contract theory, laboratory experiments have recently turned out to be an important source of data. In Part II, three experimental studies are presented that investigate contract-theoretic problems brought up in Part I.

The team of authors see this book as a contribution to lifting the standard of debate and towards restarting in-depth comparative research. Concentrates on the seven countries which between them (excluding South Africa) account for 60 per cent of total manufacturing in sub-Saharan Africa. The contributors look at the role of manufacturing and industry in the development of these countries, arguing that future prosperity could be enhanced by a three-pronged approach to industrialisation. Published in association with the ODI

Firms are a ubiquitous feature of the economic landscape, with much of the activity undertaken within an economy taking place within their boundaries. Given the size of the contribution made by firms to economic activity, employment and growth, having a theoretical understanding of the nature and structure of firms is crucial for understanding how an economy functions. The Theory of the Firm firstly offers a brief overview of the past, consisting of a concise discussion of the classical view of production, followed by an outline of the development of the neoclassical - or 'textbook' - approach to firm level production. Secondly, the 'present' of the theory of the firm is discussed in three sections. The first section considers the post-1970 theory of the firm literature per se, while the second section scrutinises the relationship between the three most prominent of the modern sets of theories: the reference point, property rights and transaction cost approaches. The third section looks at the theory of privatisation. The unique aspects of this book includes its discussions of the post-1970 contributions to the theory of the firm; the integration of the theory of the entrepreneur with the theory of the firm; and the theory of privatisation. This volume offers an intuitive introduction to the theories of the firm as well as simple formal models of the most important contributions to the literature. It also outlines the historical evolution of the traditional and modern theories of the firm. This book is of great interest to those who study history of economic thought, industrial economics and organizational studies.

How to reach your goals in seven scientifically tested steps that really work. Working inside the world's first Nudge Unit, Owain Service and Rory Gallagher know the huge impact that small changes, based on a scientific understanding of human behavior, can have, whether you're trying to save money, be a better manager or get more people to vote in the next election. For the first time, Think Small takes these successful approaches and translates them into an easy, simple framework that has the potential to make a big difference to all our lives.

Written by leading experts in the field of business, finance, law and economics, this edited volume brings together the latest thoughts and developments on turnaround management and business rescue from an academic, judiciary and turnaround/insolvency practitioner perspective. Turnaround Management and Bankruptcy presents different viewpoints on turnarounds and business rescue in Europe. Presenting a state-of-the-art review of failure research in finance, such as on bankruptcy prediction, causes of decline, or distressed asset valuation. It also presents the latest insights from turnaround management research as well as giving a contemporary insight into law debates on insolvency legislation reform, cross-border judicial issues, bankruptcy decision-making by judges and competition policy in distressed economies. Finally, the book provides a regional and sector perspective on how the current crisis affects Europe, its government policies and industry performance. In this way, the volume presents a modern, interdisciplinary and scholarly overview of the latest insights, issues and debates in turnaround management and business rescue, developing a European perspective in an attempt to redress the predominance of an American orientation in the academic literature. It aims at a wider audience interested in turnarounds and failure, such as faculty and students in the fields of law, business, economics, accountancy, finance, strategic management, and marketing, but also at judges, insolvency practitioners, lawyers, accountants and turnaround professionals, as well as the EU and government officials, staff of trade unions and employer's associations.

Our elaborate market exchange system owes its existence not to our calculating brain or insatiable self-centeredness, but rather to our sophisticated and nuanced human sociality and to the inherent rationality built into our emotions. The modern economic system is helped a lot more than hindered by our innate social instincts that support our remarkable capacity for building formal and informal institutions. The book integrates the growing body of experimental evidence on human nature scattered across a variety of disciplines from experimental economics to social neuroscience into a coherent and original narrative about the extent to which market (or impersonal exchange) relations are reflective of the basic human sociality that was originally adapted to a more tribal existence. An accessible resource, this book will appeal to students of all areas of economics, including Behavioral Economics and Neuro-Economics, Microeconomics, and Political Economy.

Forcourses in the principles of microeconomics. Anevidence-based approach to economics Throughout Microeconomics, 3rd Edition, authors DaronAcemoglu, David Laibson, and John List use real economic questions anddata to help you learn about the world around you. Taking a freshapproach, they use the themes of optimization, equilibrium, and empiricism tonot only illustrate the power of simple economic ideas, but also to explain andpredict what's happening in today's society. Each chapter begins with anempirical question that is relevant to the life of the reader, and islater answered using data in the Evidence-Based Economics feature. As a resultof the text's practical emphasis, you learn to apply economicprinciples to guide the decisions you make in your own dailylife.

This book makes an original contribution to our knowledge of the world's major defence industries. Experts from a wide range of different countries - from the major economies of North America and Western Europe to developing economies and some unique cases such as China, India, Singapore, South Africa and North Korea - describe and analyse the structure, conduct and performance of the defence industry in that country. Each chapter opens with statistics on a key nation's defence spending, its spending on defence R&D and on procurement over the period 1980 to 2017, allowing for an analysis of industry changes following the end of the Cold War. After the facts of each industry, the authors describe and analyse the structure, conduct and performance of the industry. The analysis of 'structure' includes discussions of entry conditions, domestic monopoly/oligopoly structures and opportunities for competition. The section on 'conduct' analyses price/non-price competition, including private and state funded R&D, and 'performance' incorporates profitability, imports and exports together with spin-offs and technical progress. The conclusion explores the future prospects for each nation's defence industry. Do defence industries have a future? What might the future defence firm and industry look like in 50 years' time? This volume is a vital resource and reference for anyone interested in defence economics, industrial economics, international relations, strategic studies and public procurement.

While this book contains numerous facts and empirical findings and touches on policy issues, its main contribution to the existing literature lies in the theoretical perspective it offers. The core of this book is a general equilibrium theory of labor and marriage presented in Chapter 2, which provides the conceptual framework for the rest of the chapters. Two major implications of the theory are sex ratio effects and compensating differentials in marriage. The book demonstrates how a few core concepts, linked via economic analysis, help explain a multitude of findings based on statistical analyses of data from a wide variety of cultures. It is hoped that readers of this book will improve their understanding of how marriage works to help us design better economic and social policies as well as help people live better and happier lives, making the book of interest to not only economists but sociologists and anthropologists as well.

This volume systematically details both the basic principles and new developments in Data Envelopment Analysis (DEA), offering a solid understanding of the methodology, its uses, and its potential. New material in this edition includes coverage of recent developments that have greatly extended the power and scope of DEA and have lead to new directions for research and DEA uses. Each chapter accompanies its developments with simple numerical examples and discussions of actual applications. The first nine chapters cover the basic principles of DEA, while the final seven chapters provide a more advanced treatment.

This book provides a detailed introduction to the theoretical and methodological foundations of production efficiency analysis using benchmarking. Two of the more popular methods of efficiency evaluation are Stochastic Frontier Analysis (SFA) and Data Envelopment Analysis (DEA), both of which are based on the concept of a production possibility set and its frontier. Depending on the assumed objectives of the decision-making unit, a Production, Cost, or Profit Frontier is constructed from observed data on input and output quantities and prices. While SFA uses different maximum likelihood estimation techniques to estimate a parametric frontier, DEA relies on mathematical programming to create a nonparametric frontier. Yet another alternative is the Convex Nonparametric Frontier, which is based on the assumed convexity of the production possibility set and creates a piecewise linear frontier consisting of a number of tangent hyper planes. Three of the papers in this volume provide a detailed and relatively easy to follow exposition of the underlying theory from neoclassical production economics and offer step-by-step instructions on the appropriate model to apply in different contexts and how to implement them. Of particular appeal are the instructions on (i) how to write the codes for different SFA models on STATA, (ii) how to write a VBA Macro for repetitive solution of the DEA problem for each production unit on Excel Solver, and (iii) how to write the codes for the Nonparametric Convex Frontier estimation. The three other papers in the volume are primarily theoretical and will be of interest to PhD students and researchers hoping to make methodological and conceptual contributions to the field of nonparametric efficiency analysis.