Theory of Decision under Uncertainty

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Author: Itzhak Gilboa

Publisher: Cambridge University Press

ISBN: 9780521741231

Category: Business & Economics

Page: 230

View: 773

This book describes the classical axiomatic theories of decision under uncertainty, as well as critiques thereof and alternative theories. It focuses on the meaning of probability, discussing some definitions and surveying their scope of applicability. The behavioral definition of subjective probability serves as a way to present the classical theories, culminating in Savage's theorem. The limitations of this result as a definition of probability lead to two directions - first, similar behavioral definitions of more general theories, such as non-additive probabilities and multiple priors, and second, cognitive derivations based on case-based techniques.

Duality and Modern Economics

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Author: Richard Cornes

Publisher: CUP Archive

ISBN: 9780521336017

Category: Business & Economics

Page: 290

View: 6149

Dual arguments have become a standard tool for analysis of problems involving optimization by consumers and producers. The principal aim of this book is to provide a fairly systematic yet simple exposition of the basic structure of such arguments. The emphasis is not on providing mathematically general proofs; instead, a geometric approach is used to provide, in an informal way, an intuitive understanding of duality theory. This book introduces the most common alternative ways of representing preferences and technologies, such as indirect utility and distance functions, expenditure and cost functions, and profit and revenue functions. and it discusses the assumptions under which alternative formulations contain precisely the same information. Results such as Roy's identity. the Hotelling-Wold identity, and Shephard's lemma are fully explained. as are their roles in facilitating analysis of behaviour.

Analogies and Theories

Formal Models of Reasoning

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Author: Itzhak Gilboa,Larry Samuelson,David Schmeidler

Publisher: OUP Oxford

ISBN: 0191057894

Category: Business & Economics

Page: 160

View: 8442

The book describes formal models of reasoning that are aimed at capturing the way that economic agents, and decision makers in general think about their environment and make predictions based on their past experience. The focus is on analogies (case-based reasoning) and general theories (rule-based reasoning), and on the interaction between them, as well as between them and Bayesian reasoning. A unified approach allows one to study the dynamics of inductive reasoning in terms of the mode of reasoning that is used to generate predictions.

Notes On The Theory Of Choice

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Author: David Kreps

Publisher: Routledge

ISBN: 0429978243

Category: Social Science

Page: 228

View: 9550

In this book, Professor Kreps presents a first course on the basic models of choice theory that underlie much of economic theory. This course, taught for several years at the Graduate School of Business, Stanford University, gives the student an introduction to the axiomatic method of economic analysis, without placing too heavy a demand on mathematical sophistication.The course begins with the basics of choice and revealed preference theory and then discusses numerical representations of ordinal preference. Models with uncertainty come next: First is von Neumann?Morgenstern utility, and then choice under uncertainty with subjective uncertainty, using the formulation of Anscombe and Aumann, and then sketching the development of Savage's classic theory. Finally, the course delves into a number of special topics, including de Finetti's theorem, modeling choice on a part of a larger problem, dynamic choice, and the empirical evidence against the classic models.

Advances in Economics and Econometrics: Volume 2

Theory and Applications, Ninth World Congress

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Author: Richard Blundell,Torsten Persson,Econometric Society. World Congress

Publisher: Cambridge University Press

ISBN: 0521871530

Category: Business & Economics

Page: 420

View: 5721

This volume contains 14 essays on seminal topics in economic analysis by internationally renowned scholars.

Random Sets in Econometrics

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Author: Ilya Molchanov,Francesca Molinari

Publisher: Cambridge University Press

ISBN: 1107121205

Category: Business & Economics

Page: 224

View: 2745

This is the first full-length study of how the theory of random sets can be applied in econometrics.

Fixed Point Theory

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Author: Andrzej Granas,James Dugundji

Publisher: Springer Science & Business Media

ISBN: 038721593X

Category: Mathematics

Page: 690

View: 5163

The theory of Fixed Points is one of the most powerful tools of modern mathematics. This book contains a clear, detailed and well-organized presentation of the major results, together with an entertaining set of historical notes and an extensive bibliography describing further developments and applications. From the reviews: "I recommend this excellent volume on fixed point theory to anyone interested in this core subject of nonlinear analysis." --MATHEMATICAL REVIEWS

Advances in Economics and Econometrics: Volume 2

Eleventh World Congress

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Author: Bo Honoré,Ariel Pakes,Monika Piazzesi,Larry Samuelson

Publisher: Cambridge University Press

ISBN: 1108414982

Category: Business & Economics

Page: N.A

View: 3486

This second volume includes papers presented at the Eleventh World Congress of the Econometric Society, addressing topics such as big data, macroeconomics, financial markets, and partially identified models.

A Primer on Nonmarket Valuation

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Author: Patricia A. Champ,Kevin Boyle,Thomas C. Brown

Publisher: Springer

ISBN: 9400771045

Category: Business & Economics

Page: 504

View: 6020

This is a practical book with clear descriptions of the most commonly used nonmarket methods. The first chapters of the book provide the context and theoretical foundation of nonmarket valuation along with a discussion of data collection procedures. The middle chapters describe the major stated- and revealed-preference valuation methods. For each method, the steps involved in implementation are laid out and carefully explained with supporting references from the published literature. The final chapters of the book examine the relevance of experimentation to economic valuation, the transfer of existing nonmarket values to new settings, and assessments of the reliability and validity of nonmarket values. The book is relevant to individuals in many professions at all career levels. Professionals in government agencies, attorneys involved with natural resource damage assessments, graduate students, and others will appreciate the thorough descriptions of how to design, implement, and analyze a nonmarket valuation study.

Handbook of Experimental Economic Methodology

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Author: Guillaume R. Fr?chette,Andrew Schotter

Publisher: Oxford University Press

ISBN: 0190202165

Category: Social Science

Page: 416

View: 2812

The Handbook of Experimental Economic Methodology, edited by Guillaume R. Fr?chette and Andrew Schotter, aims to confront and debate the issues faced by the growing field of experimental economics. For example, as experimental work attempts to test theory, it raises questions about the proper relationship between theory and experiments. As experimental results are used to inform policy, the utility of these results outside the lab is questioned, and finally, as experimental economics tries to integrate ideas from other disciplines like psychology and neuroscience, the question of their proper place in the discipline of economics becomes less clear. This book contains papers written by some of the most accomplished scholars working at the intersection of experimental, behavioral, and theoretical economics talking about methodology. It is divided into four sections, each of which features a set of papers and a set of comments on those papers. The intention of the volume is to offer a place where ideas about methodology could be discussed and even argued. Some of the papers are contentious---a healthy sign of a dynamic discipline---while others lay out a vision for how the authors think experimental economics should be pursued. This exciting and illuminating collection of papers brings light to a topic at the core of experimental economics. Researchers from a broad range of fields will benefit from the exploration of these important questions.

Samuelsonian Economics and the Twenty-First Century

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Author: Michael Szenberg,Aron A. Gottesman

Publisher: Oxford University Press

ISBN: 0199298823

Category: Business & Economics

Page: 350

View: 7288

"The underlying notion in this volume is to spotlight, critically assess, and illuminate Paul A. Samuelson's extraordinarily voluminous, diverse, and groundbreaking contributions that encompass the entire field of economics through the lens of most eminent scholars. All this in honor of his ninetieth birthday celebrated on May 15, 2005 in Fairmont Hotel in Boston in the company of hundreds of scholars and their spouses."--Pref.

Essential Microeconomics

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Author: John G. Riley

Publisher: Cambridge University Press

ISBN: 0521827477

Category: Business & Economics

Page: 694

View: 5725

"PRICES AND OPTIMIZATION 1.1 SUPPORTING PRICES 1.2 SHADOW PRICES 1.3 THE ENVELOPE THEOREM 1.4 FOUNDATIONS OF CONSTRAINED OPTMIZATION 1.5 APPLICATION: MONOPOLY PRICING WITH JOINT COSTS 1.1 SUPPORTING PRICES Key ideas: convex and non-convex production sets, price based incentives, Supporting Hyperplane Theorem Pursuit of self-interest is central to economics. Thus a deep understanding of the theory of maximization is essential to effective theorizing. In particular, the theory of constrained maximization is so crucial that we explore it in this first chapter. In contrast to a purely mathematical exposition, the emphasis here is on prices"--

Advances in Economics and Econometrics

Tenth World Congress

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Author: Econometric Society. World Congress,Daron Acemoglu,Manuel Arellano,Eddie Dekel

Publisher: Cambridge University Press

ISBN: 1107016061

Category: Business & Economics

Page: 634

View: 7012

The third volume of edited papers from the Tenth World Congress of the Econometric Society 2010.

Democracy, Education, and Equality

Graz-Schumpeter Lectures

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Author: John E. Roemer

Publisher: Cambridge University Press

ISBN: 9780521846653

Category: Business & Economics

Page: 177

View: 5388

Many believe that equality of opportunity will be achieved when the prospects of children no longer depend upon the wealth and education of their parents. The institution through which the link between child and parental prospects may be weakened is public education. Many also believe that democracy is the political institution that will bring about justice. This study, first published in 2006, asks whether democracy, modeled as competition between political parties that represent different interests in the polity, will result in educational funding policies that will, at least eventually, produce citizens who have equal capacities (human capital), thus breaking the link between family background and child prospects. In other words, will democracy engender, through the educational finance policies it produces, a state of equal opportunity in the long run?

The Foundations of Positive and Normative Economics

A Handbook

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Author: Andrew Caplin,Andrew Schotter

Publisher: Oxford University Press

ISBN: 9780199890118

Category: Social Science

Page: 416

View: 9987

The Foundations of Positive and Normative Economics: A Handbook is the first book in a new series by Andrew Caplin and Andrew Schotter. There is currently no guide available on the rapidly changing methodological frontiers of the field of economics. Economists have been introducing new theories and new sources of data at a remarkable rate in recent years, and there are widely divergent views both on how productive these expansions have been in the past, and how best to make progress in the future. The speed of these changes has left economists ill at ease, and has created a backlash against new methods. The series will debate these critical issues, allowing proponents of a particular research method to present proposals in a safe yet critical context, with alternatives being clarified. This first volume, written by some of the most prominent researchers in the discipline, reflects the challenges that are opened by new research opportunities. The goal of the current volume and the series it presages, is to formally open a dialog on methodology. The editors' conviction is that such a debate will rebound to the benefit of social science in general, and economics in particular. The issues under discussion strike to the very heart of the social scientific enterprise. This work is of tremendous importance to all who are interested in the contributions that academic research can make not only to our scientific understanding, but also to matters of policy.

Horizontal Inequalities and Conflict

Understanding Group Violence in Multiethnic Societies

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Author: F. Stewart

Publisher: Springer

ISBN: 0230582729

Category: Social Science

Page: 364

View: 4433

Drawing on econometric evidence and in-depth studies of West Africa, Latin America and Southeast Asia, this book explores how horizontal inequalities - ethnic, religious or racial - are a source of violent conflict and how political, economic and cultural status inequalities have contributed. Policies to reverse inequality would reduce these risks.

The Economics and Mathematics of Aggregation

Formal Models of Efficient Group Behavior

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Author: Pierre-André Chiappori,Ivar Ekeland

Publisher: Now Publishers Inc

ISBN: 1601982887

Category: Business & Economics

Page: 154

View: 6091

The Economics and Mathematics of Aggregation provides a general characterization of group behavior in a market environment. A crucial feature of the authors' approach is that they do not restrict the form of individual preferences or the nature of individual consumptions. The authors allow for public as well as private consumption, for intragroup production, and for any type of consumption externalities across group members. The main questions addressed are: what restrictions (if any) on the aggregate demand function characterize the efficient behavior of the group and when is it possible to recover the underlying structure - namely, individual preferences, the decision process and the resulting intragroup transfers - from the group's aggregate behavior? The Economics and Mathematics of Aggregation takes an alternative, axiomatic perspective -- the 'collective' approach -- and assumes that the group always reaches Pareto efficient decisions. The authors view efficiency as a natural assumption in many contexts and as a natural benchmark in all cases. Finally, even in the presence of asymmetric information, first best efficiency is a natural benchmark. However, it is important to note that no restriction is placed on the form of the decision process beyond efficiency.

Logic of choice and economic theory

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Author: S. N. Afriat

Publisher: Oxford University Press, USA

ISBN: 9780198284611

Category: Business & Economics

Page: 577

View: 6480

Afriat here offers varied insights into current key topics in economics that concern choice and the opportunity for it--such as optimal programming, social and individual choice, production, and the market--and provides conceptual clarifications for choice, value, and price theory.