What is econophysics? What makes an econophysicist? Why are financial economists reluctant to use results from econophysics? Can we overcome disputes concerning hypotheses used in financial economics and that make no sense for econophysicists? How can we create a profitable dialogue between financial economists and econophysicists? How do we develop a common theoretical framework allowing the creation of more efficient models for the financial industry? This book moves beyond the disciplinary frontiers in order to initiate the development of a common theoretical framework that makes sense for both traditionally trained financial economists and econophysicists. Unlike other publications dedicated to econophysics, this book is written by two financial economists and it situates econophysics in the evolution of financial economics. The major issues that concern the collaboration between the two fields are analyzed in detail. More specifically, this book explains the theoretical and methodological foundations of these two fields in an accessible vocabulary providing the first extensive analytic comparison between models and results from both fields. The book also identifies the major conceptual gate-keepers that complicate dialogue between the two communities while it provides elements to overcome them. By mixing conceptual, historical, theoretical and formal arguments our analysis bridges the current deaf dialogue between financial economists and econophysicists. This book details the recent results in econophysics that bring it closer to financial economics. So doing, it identifies what remains to be done for econophysicists to contribute significantly to financial economics. Beyond the clarification of the current situation, this book also proposes a generic model compatible with the two fields, defining minimal conditions for common models. Finally, this book provides a research agenda for a more fruitful collaboration between econophysicists and financial economists, creating new research opportunities. In this perspective, it lays the foundations for common theoretical framework and models.

Any enquiry into the nature, performance, role, demerits, growth, efficiency, or other aspects of financial services such as banking and insurance activities, requires rigorous estimates of their economic output, i.e., the economic contributions made by these firms, as well as by the industries as a whole. Accordingly, this book condenses several theoretical, methodological, empirical, and philosophical issues in conceptualizing, measuring, and empirically operationalizing the economic output of the banking and insurance industries. The analytical focus is on both Global and Emerging Markets perspectives. The book synthesizes applied and conceptual evidence to locate the chosen theme's analytical patterns, consensus, and disagreements. The selected subject matter is studied within the firm-level and aggregate settings, bringing literature of varied scopes together. Contributions from various international academics, practitioners, and policymakers further enrich the narrative. The book concludes with data-driven case studies that analyze the extent to which the critical performance parameters of the banking and insurance industries in the BRIICS economies - including estimation of aggregate industry-level partial factor productivities, total factor productivity, technical efficiency, and returns to scale - vary concerning alternate measures of their output. The present work also provides a brief note on the inputs measurement dimension, following which there is a discussion on the limitations, future scope, and conclusions. This work will be valuable for researchers and policymakers undertaking performance analyses related to banking and insurance activities. It shall provide them with the examination of a plethora of analytical options and related issues on the theory and praxis of output measurement, all finely organized into one single volume.

Metrology is the study of measurement science. Although classical economists have emphasized the importance of measurement per se, the majority of economics-based writings on the topic have taken the form of government reports related to the activities of specific national metrology laboratories. This book is the first systematic study of measurement activity at a national metrology laboratory, and the laboratory studied is the U.S. National Institute of Standards and Technology (NIST) within the U.S. Department of Commerce. The primary objective of the book is to emphasize for academic and policy audiences the economic importance of measurement not only as an area of study but also as a tool for sustaining technological advancement as an element of economic growth. Toward this goal, the book offers an overview of the economic benefits and consequences of measurement standards; an argument for public sector support of measurement standards; a historical perspective of the measurement activities at NIST; an empirical analysis of one particular measurement activity at NIST, namely calibration testing; and a roadmap for future research on the economics of metrology.

In many industries the tariffs are not strictly proportional to the quantity purchased, i. e, they are nonlinear. Examples of nonlinear tariffs include railroad and electricity schedules and rental rates for durable goods and space. The major justification for the nonlinear pricing is the existence of private information on the side of consumers. In the early papers on the subject, private information was captured either by assuming a finite number of types (e. g. Adams and Yellen, 1976) or by a unidimensional continuum of types (Mussa and Rosen, 1978). Economics of the unidimen sional problems is by now well understood. The unidimensional models, however, do not cover all the situations of practical interest. Indeed, often the nonlinear tariffs specify the payment as a function of a variety of characteristics. For example, railroad tariffs spec ify charges based on weight, volume, and distance of each shipment. Dif ferent customers may value each of these characteristics differently, hence the customer's type will not in general be captured by a unidimensional characteristic and a problem of multidimensional screening arises. In such models the consumer's private information (her type) is captured by an m-dimensional vector, while the good produced by the monopolist has n quality dimensions."

This is the first book that examines the diverse range of experimental methods currently being used in the social sciences, gathering contributions by working economists engaged in experimentation, as well as by a political scientist, psychologists and philosophers of the social sciences. Until the mid-twentieth century, most economists believed that experiments in the economic sciences were impossible. But that's hardly the case today, as evinced by the fact that Vernon Smith, an experimental economist, and Daniel Kahneman, a behavioral economist, won the Nobel Prize in Economics in 2002. However, the current use of experimental methods in economics is more diverse than is usually assumed. As the concept of experimentation underwent considerable abstraction throughout the twentieth century, the areas of the social sciences in which experiments are applied are expanding, creating renewed interest in, and multifaceted debates on, the way experimental methods are used. This book sheds new light on the diversity of experimental methodologies used in the social sciences. The topics covered include historical insights into the evolution of experimental methods; the necessary "performativity" of experiments, i.e., the dynamic interaction with the social contexts in which they are embedded; the application of causal inferences in the social sciences; a comparison of laboratory, field, and natural experiments; and the recent use of randomized controlled trials (RCTs) in development economics. Several chapters also deal with the latest heated debates, such as those concerning the use of the random lottery method in laboratory experiments.

This book examines the macroeconomic and regulatory impact of domestic and international shocks on the South African economy resulting from the 2009 financial crisis. It also assesses the impact of the US economy's eventual recovery from the crisis and the prospect of higher US interest rates in future. Told in three parts, the book explores associations between economic growth, policy uncertainty and the key domestic and international transmission channels, and transmission effects, of global financial regulatory and domestic macro-economic uncertainties on subdued and volatile economic recovery, financial channels, lending rate margins, and credit growth. The book concludes by extending its focus to the role of US monetary policy, capital flows and rand/US dollar volatility on the South African economy.

Partial least squares structural equation modeling (PLS-SEM) has become a standard approach for analyzing complex inter-relationships between observed and latent variables. Researchers appreciate the many advantages of PLS-SEM such as the possibility to estimate very complex models and the method's flexibility in terms of data requirements and measurement specification. This practical open access guide provides a step-by-step treatment of the major choices in analyzing PLS path models using R, a free software environment for statistical computing, which runs on Windows, macOS, and UNIX computer platforms. Adopting the R software's SEMinR package, which brings a friendly syntax to creating and estimating structural equation models, each chapter offers a concise overview of relevant topics and metrics, followed by an in-depth description of a case study. Simple instructions give readers the "how-tos" of using SEMinR to obtain solutions and document their results. Rules of thumb in every chapter provide guidance on best practices in the application and interpretation of PLS-SEM.

This book provides an introduction to the technical background of unit root testing, one of the most heavily researched areas in econometrics over the last twenty years. Starting from an elementary understanding of probability and time series, it develops the key concepts necessary to understand the structure of random walks and brownian motion, and their role in tests for a unit root. The techniques are illustrated with worked examples, data and programs available on the book's website, which includes more numerical and theoretical examples
This book is indispensable reading for all interested in Time Series Econometrics, Econometrics and Applied Econometrics

This is the second volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with paradox and ambiguity.

This is the third volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with economic games and the functions of bargaining and solutions.

This is the fourth volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with the dialogues and beliefs that underpin probability concepts.

This is the fifth volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with the statistical theory that underlies the science of econometrics.

This is the sixth volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with the econometric exploration and diagnosis.

This is the seventh volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with the probability approach to simultaneous equations.

This is the ninth volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with a reappraisal of econometrics.

This is the tenth volume in a ten-volume set designed for publication in 1997. It reprints in book form a selection of the most important and influential articles on probability, econometrics and economic games which cumulatively have had a major impact on the development of modern economics. There are 242 articles, dating from 1936 to 1996. Many of them were originally published in relatively inaccessible journals and may not, therefore, be available in the archives of many university libraries. The volumes are available separately and also as a complete ten-volume set. The contributors include D. Ellsberg, R.M. Hogart, J.B. Kadane, B.O. Koopmans, E.L. Lehman, D.F. Nicholls, H. Rubin, T.J. Sarjent, L.H. Summers and C.R. Wymer. This particular volume deals with discrete and coontinuous systems.

The volume highlights the state-of-the-art knowledge (including data analysis) of productivity, inequality and efficiency analysis. It showcases a selection of the best papers from the 9th North American Productivity Workshop. These papers are relevant to academia, but also to public and private sectors in terms of the challenges that firms, financial institutions, governments, and individuals may face when dealing with economic and education related activities that lead to increase or decrease of productivity. The volume also aims to bring together ideas from different parts of the world about the challenges those local economies and institutions may face when changes in productivity are observed. These contributions focus on theoretical and empirical research in areas including productivity, production theory and efficiency measurement in economics, management science, operation research, public administration, and education. The North American Productivity Workshop (NAPW) brings together academic scholars and practitioners in the field of productivity and efficiency analysis from all over the world, and this proceedings volume is a reflection of this mission. The papers in this volume also address general topics as education, health, energy, finance, agriculture, transport, utilities, and economic development, among others. The editors are comprised of the 2016 local organizers, program committee members, and celebrated guest conference speakers.

The book provides a comprehensive overview of the latest econometric methods for studying the dynamics of macroeconomic and financial time series. It examines alternative methodological approaches and concepts, including quantile spectra and co-spectra, and explores topics such as non-linear and non-stationary behavior, stochastic volatility models, and the econometrics of commodity markets and globalization. Furthermore, it demonstrates the application of recent techniques in various fields: in the frequency domain, in the analysis of persistent dynamics, in the estimation of state space models and new classes of volatility models. The book is divided into two parts: The first part applies econometrics to the field of macroeconomics, discussing trend/cycle decomposition, growth analysis, monetary policy and international trade. The second part applies econometrics to a wide range of topics in financial economics, including price dynamics in equity, commodity and foreign exchange markets and portfolio analysis. The book is essential reading for scholars, students, and practitioners in government and financial institutions interested in applying recent econometric time series methods to financial and economic data.

It is very useful and timely book as demand forecasting has become a very crucial tool and provides important information for destination on which policy are created and implemented. This is especially important given the complexities arising the aftermath of the Covid19 pandemic. * It looks at novel and recent developments in this field including judgement and scenario forecasting. * Offers a comprehensive approach to tourism econometrics, looking at a variety of aspects. * The authors are experts in this field and of the highest academic calibre.

This text covers the basic theory and computation for mathematical modeling in linear programming. It provides a strong background on how to set up mathematical proofs and high-level computation methods, and includes substantial background material and direction. Paris presents an intuitive and novel discussion of what it means to solve a system of equations that is a crucial stepping stone for solving any linear program. The discussion of the simplex method for solving linear programs gives an economic interpretation to every step of the simplex algorithm. The text combines in a unique and novel way the microeconomics of production with the structure of linear programming to give students and scholars of economics a clear notion of what it means, formulating a model of economic equilibrium and the computation of opportunity cost in the presence of many outputs and inputs.

This book analyzes evolution of monetary policy in Rwanda since it was first implemented by the National Bank of Rwanda in 1964 when the bank was established. It contributes to the understanding of monetary policy which is formulation and implementation in different stages of development of a financial system that comprises the financial market (money market and capital market), financial intermediaries such as commercial banks, and the financial sector infrastructures such as payment systems and the credit reference bureau. The book breaks down applied empirical research on the assessment of key assumptions of a monetary targeting framework, namely the stability of money multiplier and money demand using econometrics of time series, through a number of case studies. Presenting a detailed empirical analysis of the monetary transmission mechanism, one of the most analyzed topics in central banks in advanced economies, this book is a valuable read for central bankers and other researchers of monetary policy, particularly in developing economies.

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

This book presents a quarter of a century of empirical research on interest rates and a variety of asset prices. It will serve to deepen our understanding of asset price inflation. The book includes extensive analysis of the measurement of interest rates, with case studies from The Netherlands, Belgium and EMU, and emphasizes statistical measurement and the attempt to understand interest rate behaviour through statistical estimation. The book also includes an examination of historical interest rate development in the long run, both theoretically and empirically. In conclusion, Professor Fase also analyses the behaviour of bonds, stocks and investment in art and examines the factors indispensable for a monetary strategy designed to target inflation.

Economists have long sought to develop quantitative models of economic behaviour, which blend economic theory with data evidence. Econometric modelling of economic time series has strived to achieve this by seeking to discover sustainable and interpretable relationships. This important two-volume collection focuses on a central method used in selecting such models, namely simplification of an initially general model that adequately characterizes the empirical evidence within the investigators' theoretical framework. The volumes feature a wealth of evidence that has accrued over the last five years displaying its excellent abilities for model selection, based on Monte Carlo studies of automatic algorithms. These also throw light on several major methodological issues, and prompt many new ideas, which are discussed. The collection will be valuable to all empirical economists and econometricians.

This book focuses on the competitive situation and policy outlook of China's provincial economy in the 13th five-year period. It begins with a general evaluation report on the country's provincial comprehensive Economic Competitiveness, followed by analyses at the international, national and regional levels, industrial and enterprise levels. On the basis of domestic and international research findings, it further enriches our understanding of provincial competitiveness, analyzes the domestic and international situation, explores new changes, new norms, new situations and new challenges concerning China's provincial economy in the past few years, reveals the characteristics and relative differences of different types, defines their internal competitive strengths and weaknesses, and provides valuable theoretical content to guide decision-making.