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Econometrics of Information and Efficiency (Paperback, Softcover reprint of hardcover 1st ed. 1993)
Loot Price: R4,297
Discovery Miles 42 970
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Econometrics of Information and Efficiency (Paperback, Softcover reprint of hardcover 1st ed. 1993)
Series: Theory and Decision Library B, 25
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Econometrics as an applied discipline attempts to use information
in a most efficient manner, yet the information theory and entropy
approach developed by Shannon and others has not played much of a
role in applied econometrics. Econometrics of Information and
Efficiency bridges the gap. Broadly viewed, information theory
analyzes the uncertainty of a given set of data and its
probabilistic characteristics. Whereas the economic theory of
information emphasizes the value of information to agents in a
market, the entropy theory stresses the various aspects of
imprecision of data and their interactions with the subjective
decision processes. The tools of information theory, such as the
maximum entropy principle, mutual information and the minimum
discrepancy are useful in several areas of statistical inference,
e.g., Bayesian estimation, expected maximum likelihood principle,
the fuzzy statistical regression. This volume analyzes the
applications of these tools of information theory to the most
commonly used models in econometrics. The outstanding features of
Econometrics of Information and Efficiency are: A critical survey
of the uses of information theory in economics and econometrics; An
integration of applied information theory and economic efficiency
analysis; The development of a new economic hypothesis relating
information theory to economic growth models; New lines of research
are emphasized.
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