Advertisement
| economic models are used to: Economic Models Dipak R. Basu, 2009 Model Building is the most fruitful area of economics, designed to solve real-world problems using all available methods such as mathematical, computational and analytical, without distinction. Wherever necessary, we should not be reluctant to develop new techniques, whether mathematical or computational. That is the philosophy of this volume. The volume is divided into three distinct parts: Methods, Theory and Applications. The Methods section is in turn subdivided into Mathematical Programming and Econometrics and Adaptive Control System, which are widely used in econometric analysis. The impacts of fiscal policy in a regime with independent monetary authority and dynamic models of environmental taxation are considered. In the section on Modelling Business Organization, a model of a Japanese organization is presented. Furthermore, a model suitable for an efficient budget management of a health service unit by applying goal programming method is analyzed, taking into account various socio-economic factors. This is followed by a section on Modelling National Economies, in which macroeconometric models for the EU member countries are analyzed, to find instruments that stabilize inflation with coordinated action. |
| economic models are used to: The World in the Model Mary S. Morgan, 2012-09-17 During the last two centuries, the way economic science is done has changed radically: it has become a social science based on mathematical models in place of words. This book describes and analyses that change - both historically and philosophically - using a series of case studies to illuminate the nature and the implications of these changes. It is not a technical book; it is written for the intelligent person who wants to understand how economics works from the inside out. This book will be of interest to economists and science studies scholars (historians, sociologists and philosophers of science). But it also aims at a wider readership in the public intellectual sphere, building on the current interest in all things economic and on the recent failure of the so-called economic model, which has shaped our beliefs and the world we live in. |
| economic models are used to: Economics Rules Dani Rodrik, 2015 A leading economist trains a lens on his own discipline to uncover when it fails and when it works. |
| economic models are used to: Models in Microeconomic Theory Martin J. Osborne, Ariel Rubinstein, 2023-06-26 Models in Microeconomic Theory covers basic models in current microeconomic theory. Part I (Chapters 1-7) presents models of an economic agent, discussing abstract models of preferences, choice, and decision making under uncertainty, before turning to models of the consumer, the producer, and monopoly. Part II (Chapters 8-14) introduces the concept of equilibrium, beginning, unconventionally, with the models of the jungle and an economy with indivisible goods, and continuing with models of an exchange economy, equilibrium with rational expectations, and an economy with asymmetric information. Part III (Chapters 15-16) provides an introduction to game theory, covering strategic and extensive games and the concepts of Nash equilibrium and subgame perfect equilibrium. Part IV (Chapters 17-20) gives a taste of the topics of mechanism design, matching, the axiomatic analysis of economic systems, and social choice. The book focuses on the concepts of model and equilibrium. It states models and results precisely, and provides proofs for all results. It uses only elementary mathematics (with almost no calculus), although many of the proofs involve sustained logical arguments. It includes about 150 exercises. With its formal but accessible style, this textbook is designed for undergraduate students of microeconomics at intermediate and advanced levels. |
| economic models are used to: Economic Modeling Using Artificial Intelligence Methods Tshilidzi Marwala, 2013-04-02 Economic Modeling Using Artificial Intelligence Methods examines the application of artificial intelligence methods to model economic data. Traditionally, economic modeling has been modeled in the linear domain where the principles of superposition are valid. The application of artificial intelligence for economic modeling allows for a flexible multi-order non-linear modeling. In addition, game theory has largely been applied in economic modeling. However, the inherent limitation of game theory when dealing with many player games encourages the use of multi-agent systems for modeling economic phenomena. The artificial intelligence techniques used to model economic data include: multi-layer perceptron neural networks radial basis functions support vector machines rough sets genetic algorithm particle swarm optimization simulated annealing multi-agent system incremental learning fuzzy networks Signal processing techniques are explored to analyze economic data, and these techniques are the time domain methods, time-frequency domain methods and fractals dimension approaches. Interesting economic problems such as causality versus correlation, simulating the stock market, modeling and controling inflation, option pricing, modeling economic growth as well as portfolio optimization are examined. The relationship between economic dependency and interstate conflict is explored, and knowledge on how economics is useful to foster peace – and vice versa – is investigated. Economic Modeling Using Artificial Intelligence Methods deals with the issue of causality in the non-linear domain and applies the automatic relevance determination, the evidence framework, Bayesian approach and Granger causality to understand causality and correlation. Economic Modeling Using Artificial Intelligence Methods makes an important contribution to the area of econometrics, and is a valuable source of reference for graduate students, researchers and financial practitioners. |
| economic models are used to: Economic Modeling and Inference Bent Jesper Christensen, Nicholas M. Kiefer, 2009 Economic Modeling and Inference takes econometrics to a new level by demonstrating how to combine modern economic theory with the latest statistical inference methods to get the most out of economic data. This graduate-level textbook draws applications from both microeconomics and macroeconomics, paying special attention to financial and labor economics, with an emphasis throughout on what observations can tell us about stochastic dynamic models of rational optimizing behavior and equilibrium. Bent Jesper Christensen and Nicholas Kiefer show how parameters often thought estimable in applications are not identified even in simple dynamic programming models, and they investigate the roles of extensions, including measurement error, imperfect control, and random utility shocks for inference. When all implications of optimization and equilibrium are imposed in the empirical procedures, the resulting estimation problems are often nonstandard, with the estimators exhibiting nonregular asymptotic behavior such as short-ranked covariance, superconsistency, and non-Gaussianity. Christensen and Kiefer explore these properties in detail, covering areas including job search models of the labor market, asset pricing, option pricing, marketing, and retirement planning. Ideal for researchers and practitioners as well as students, Economic Modeling and Inference uses real-world data to illustrate how to derive the best results using a combination of theory and cutting-edge econometric techniques. Covers identification and estimation of dynamic programming models Treats sources of error--measurement error, random utility, and imperfect control Features financial applications including asset pricing, option pricing, and optimal hedging Describes labor applications including job search, equilibrium search, and retirement Illustrates the wide applicability of the approach using micro, macro, and marketing examples |
| economic models are used to: Economics Rules: The Rights and Wrongs of the Dismal Science Dani Rodrik, 2015-10-13 “A hugely valuable contribution. . . . In setting out a defence of the best in economics, Rodrik has also provided a goal for the discipline as a whole.” —Martin Sandbu, Financial Times In the wake of the financial crisis and the Great Recession, economics seems anything but a science. In this sharp, masterfully argued book, Dani Rodrik, a leading critic from within, takes a close look at economics to examine when it falls short and when it works, to give a surprisingly upbeat account of the discipline. Drawing on the history of the field and his deep experience as a practitioner, Rodrik argues that economics can be a powerful tool that improves the world—but only when economists abandon universal theories and focus on getting the context right. Economics Rules argues that the discipline's much-derided mathematical models are its true strength. Models are the tools that make economics a science. Too often, however, economists mistake a model for the model that applies everywhere and at all times. In six chapters that trace his discipline from Adam Smith to present-day work on globalization, Rodrik shows how diverse situations call for different models. Each model tells a partial story about how the world works. These stories offer wide-ranging, and sometimes contradictory, lessons—just as children’s fables offer diverse morals. Whether the question concerns the rise of global inequality, the consequences of free trade, or the value of deficit spending, Rodrik explains how using the right models can deliver valuable new insights about social reality and public policy. Beyond the science, economics requires the craft to apply suitable models to the context. The 2008 collapse of Lehman Brothers challenged many economists' deepest assumptions about free markets. Rodrik reveals that economists' model toolkit is much richer than these free-market models. With pragmatic model selection, economists can develop successful antipoverty programs in Mexico, growth strategies in Africa, and intelligent remedies for domestic inequality. At once a forceful critique and defense of the discipline, Economics Rules charts a path toward a more humble but more effective science. |
| economic models are used to: Warming the World William D. Nordhaus, Joseph Boyer, 2003-08-11 This book presents in detail a pair of models of the economics of climate change. The models, called RICE-99 (for the Regional Dynamic Integrated model of Climate and the Economy) and DICE-99 (for the Dynamic Integrated Model of Climate and the Economy) build on the authors' earlier work, particularly their RICE and DICE models of the early 1990s. Humanity is risking the health of the natural environment through a myriad of interventions, including the atmospheric emission of trace gases such as carbon dioxide, the use of ozone-depleting chemicals, the engineering of massive land-use changes, and the destruction of the habitats of many species. It is imperative that we learn to protect our common geophysical and biological resources. Although scientists have studied greenhouse warming for decades, it is only recently that society has begun to consider the economic, political, and institutional aspects of environmental intervention. To do so raises formidable challenges of data modeling, uncertainty, international coordination, and institutional design. Attempts to deal with complex scientific and economic issues have increasingly involved the use of models to help analysts and decision makers understand likely future outcomes as well as the implications of alternative policies. This book presents in detail a pair of models of the economics of climate change. The models, called RICE-99 (for the Regional Dynamic Integrated model of Climate and the Economy) and DICE-99 (for the Dynamic Integrated Model of Climate and the Economy) build on the authors' earlier work, particularly their RICE and DICE models of the early 1990s. They can help policy makers design better economic and environmental policies. |
| economic models are used to: Models of Modern Information Economy Alexander P. Sukhodolov, Elena G. Popkova, Tatiana N. Litvinova, 2018-10-29 This book determines the basic characteristics of an information economy and studies the main stages of information economy development. It offers a fresh perspective on the concept of modern information economy while providing a new theoretical model that supports the development of a well-balanced information economy. |
| economic models are used to: Economic Models of Tropical Deforestation: A Review David Kaimowitz, Arild Angelsen, 1998-01-01 Types of economic deforestation models. Household and firm-level models. Regional-level models. National and macro-level models. Priority areas for future research. |
| economic models are used to: Probability Models for Economic Decisions, second edition Roger B. Myerson, Eduardo Zambrano, 2019-12-17 An introduction to the use of probability models for analyzing risk and economic decisions, using spreadsheets to represent and simulate uncertainty. This textbook offers an introduction to the use of probability models for analyzing risks and economic decisions. It takes a learn-by-doing approach, teaching the student to use spreadsheets to represent and simulate uncertainty and to analyze the effect of such uncertainty on an economic decision. Students in applied business and economics can more easily grasp difficult analytical methods with Excel spreadsheets. The book covers the basic ideas of probability, how to simulate random variables, and how to compute conditional probabilities via Monte Carlo simulation. The first four chapters use a large collection of probability distributions to simulate a range of problems involving worker efficiency, market entry, oil exploration, repeated investment, and subjective belief elicitation. The book then covers correlation and multivariate normal random variables; conditional expectation; optimization of decision variables, with discussions of the strategic value of information, decision trees, game theory, and adverse selection; risk sharing and finance; dynamic models of growth; dynamic models of arrivals; and model risk. New material in this second edition includes two new chapters on additional dynamic models and model risk; new sections in every chapter; many new end-of-chapter exercises; and coverage of such topics as simulation model workflow, models of probabilistic electoral forecasting, and real options. The book comes equipped with Simtools, an open-source, free software used througout the book, which allows students to conduct Monte Carlo simulations seamlessly in Excel. |
| economic models are used to: The Microeconomics of Complex Economies Wolfram Elsner, Torsten Heinrich, Henning Schwardt, 2014-04-15 The Microeconomics of Complex Economies uses game theory, modeling approaches, formal techniques, and computer simulations to teach useful, accessible approaches to real modern economies. It covers topics of information and innovation, including national and regional systems of innovation; clustered and networked firms; and open-source/open-innovation production and use. Its final chapter on policy perspectives and decisions confirms the value of the toolset. Written so chapters can be used independently, the book includes an introduction to computer simulation and pedagogical supplements. Its formal, accessible treatment of complexity goes beyond the scopes of neoclassical and mainstream economics. The highly interdependent economy of the 21st century demands a reconsideration of economic theories. - Describes the usefulness of complex heterodox economics - Emphasizes divergences and convergences with neoclassical economic theories and perspectives - Fits easily into courses on intermediate microeconomics, industrial organization, and games through self-contained chapters |
| economic models are used to: Philosophy of Economics Uskali Mäki, 2012-06-12 Part of the Handbook of the Philosophy of Science Series edited by: Dov M. Gabbay King's College, London, UK; Paul Thagard University of Waterloo, Canada; and John Woods University of British Columbia, Canada. Philosophy of Economics investigates the foundational concepts and methods of economics, the social science that analyzes the production, distribution and consumption of goods and services. This groundbreaking collection, the most thorough treatment of the philosophy of economics ever published, brings together philosophers, scientists and historians to map out the central topics in the field. The articles are divided into two groups. Chapters in the first group deal with various philosophical issues characteristic of economics in general, including realism and Lakatos, explanation and testing, modeling and mathematics, political ideology and feminist epistemology. Chapters in the second group discuss particular methods, theories and branches of economics, including forecasting and measurement, econometrics and experimentation, rational choice and agency issues, game theory and social choice, behavioral economics and public choice, geographical economics and evolutionary economics, and finally the economics of scientific knowledge. This volume serves as a detailed introduction for those new to the field as well as a rich source of new insights and potential research agendas for those already engaged with the philosophy of economics. Provides a bridge between philosophy and current scientific findings Encourages multi-disciplinary dialogue Covers theory and applications |
| economic models are used to: Economic Models of Climate Change S. DeCanio, 2003-08-19 The climate policy debate has been dominated by economic estimates of the costs of policies to reduce greenhouse gas emissions. Yet the models used to derive those estimates are based on assumptions that have largely gone untested. The conventional approach embodies structural features that rule out alternative market outcomes. In addition, the distribution of 'climate rights' is crucial to determining the economic affects of various policies. Bringing these considerations to the forefront shows how domestic and international policy solutions might be found. |
| economic models are used to: Bio-Economic Models applied to Agricultural Systems Guillermo Flichman, 2011-09-15 This book has the purpose of providing the state of the arts concerning bio-economic modelling dealing with agricultural systems. In most cases, the contributions use a methodology combining the use of biophysical and economic models, in all cases, an engineering production function approach is totally or partially applied. This practice is being developed in the last years as a response to concrete policy matters: agricultural policies are increasingly combined with environmental and natural resources policies, and this reality involves the need of an integrated assessment, that current economic models are not able to provide. |
| economic models are used to: Introduction to Economic Analysis R. Preston McAfee, 2009-09-24 This book presents introductory economics material using standard mathematical tools, including calculus. It is designed for a relatively sophisticated undergraduate who has not taken a basic university course in economics. The book can easily serve as an intermediate microeconomics text. The focus of this book is on the conceptual tools. Contents: 1) What is Economics? 2) Supply and Demand. 3) The US Economy. 4) Producer Theory. 5) Consumer Theory. 6) Market Imperfections. 7) Strategic Behavior. |
| economic models are used to: Decision Modelling for Health Economic Evaluation Andrew Briggs, Mark Sculpher, Karl Claxton, 2006-08-17 In financially constrained health systems across the world, increasing emphasis is being placed on the ability to demonstrate that health care interventions are not only effective, but also cost-effective. This book deals with decision modelling techniques that can be used to estimate the value for money of various interventions including medical devices, surgical procedures, diagnostic technologies, and pharmaceuticals. Particular emphasis is placed on the importance of the appropriate representation of uncertainty in the evaluative process and the implication this uncertainty has for decision making and the need for future research. This highly practical guide takes the reader through the key principles and approaches of modelling techniques. It begins with the basics of constructing different forms of the model, the population of the model with input parameter estimates, analysis of the results, and progression to the holistic view of models as a valuable tool for informing future research exercises. Case studies and exercises are supported with online templates and solutions. This book will help analysts understand the contribution of decision-analytic modelling to the evaluation of health care programmes. ABOUT THE SERIES: Economic evaluation of health interventions is a growing specialist field, and this series of practical handbooks will tackle, in-depth, topics superficially addressed in more general health economics books. Each volume will include illustrative material, case histories and worked examples to encourage the reader to apply the methods discussed, with supporting material provided online. This series is aimed at health economists in academia, the pharmaceutical industry and the health sector, those on advanced health economics courses, and health researchers in associated fields. |
| economic models are used to: Understanding Risks and Uncertainties in Energy and Climate Policy Haris Doukas, Alexandros Flamos, Jenny Lieu, 2018-12-10 This open access book analyzes and seeks to consolidate the use of robust quantitative tools and qualitative methods for the design and assessment of energy and climate policies. In particular, it examines energy and climate policy performance and associated risks, as well as public acceptance and portfolio analysis in climate policy, and presents methods for evaluating the costs and benefits of flexible policy implementation as well as new framings for business and market actors. In turn, it discusses the development of alternative policy pathways and the identification of optimal switching points, drawing on concrete examples to do so. Lastly, it discusses climate change mitigation policies’ implications for the agricultural, food, building, transportation, service and manufacturing sectors. |
| economic models are used to: Connected Healthcare for the Citizen Robert Picard, 2018-11-23 Value of Connected Things for Healthcare is based on feedback from members of the LLSA Forum, patients, healthcare professionals, Living Labs, industrialists, researchers and institutional actors confronted with the design, development, implementation and use of these types of tools that penetrate health and communicate data. The term connected object refers to devices that continuously collect data through these objects, providing the state of health of people wherever they are and whatever they do. These objects allow clinical researchers to study new phenomena that have hitherto escaped observations in institutions. However, the mobilization of these technologies in this context poses technical questions because the requirements of a remote, continuous operation are high. What is termed connected health emphasizes the human dimension of the subject, i.e., citizens, patients, health professionals, territorial communities, professional networks, institutions and associations. The questions of who benefits and ethical considerations are paramount to this discussion. - Brings awareness of the complexity of connected objects - Presents examples that highlight the use of connected codes - Describes new devices and related services - Identifies the challenges associated with solving these problems |
| economic models are used to: The Economics of Artificial Intelligence Ajay Agrawal, Joshua Gans, Avi Goldfarb, Catherine Tucker, 2024-03-05 A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system. |
| economic models are used to: Handbook of Computable General Equilibrium Modeling Peter B. Dixon, Dale Jorgenson, 2013-11-14 In this collection of 17 articles, top scholars synthesize and analyze scholarship on this widely used tool of policy analysis, setting forth its accomplishments, difficulties, and means of implementation. Though CGE modeling does not play a prominent role in top US graduate schools, it is employed universally in the development of economic policy. This collection is particularly important because it presents a history of modeling applications and examines competing points of view. - Presents coherent summaries of CGE theories that inform major model types - Covers the construction of CGE databases, model solving, and computer-assisted interpretation of results - Shows how CGE modeling has made a contribution to economic policy |
| economic models are used to: Doughnut Economics Kate Raworth, 2018-03-08 Economics is the mother tongue of public policy. It dominates our decision-making for the future, guides multi-billion-dollar investments, and shapes our responses to climate change, inequality, and other environmental and social challenges that define our times. Pity then, or more like disaster, that its fundamental ideas are centuries out of date yet are still taught in college courses worldwide and still used to address critical issues in government and business alike. That’s why it is time, says renegade economist Kate Raworth, to revise our economic thinking for the 21st century. In Doughnut Economics, she sets out seven key ways to fundamentally reframe our understanding of what economics is and does. Along the way, she points out how we can break our addiction to growth; redesign money, finance, and business to be in service to people; and create economies that are regenerative and distributive by design. Named after the now-iconic “doughnut” image that Raworth first drew to depict a sweet spot of human prosperity (an image that appealed to the Occupy Movement, the United Nations, eco-activists, and business leaders alike), Doughnut Economics offers a radically new compass for guiding global development, government policy, and corporate strategy, and sets new standards for what economic success looks like. Raworth handpicks the best emergent ideas—from ecological, behavioral, feminist, and institutional economics to complexity thinking and Earth-systems science—to address this question: How can we turn economies that need to grow, whether or not they make us thrive, into economies that make us thrive, whether or not they grow? Simple, playful, and eloquent, Doughnut Economics offers game-changing analysis and inspiration for a new generation of economic thinkers. |
| economic models are used to: The Theory of International Business Mark Casson, 2016-09-22 Demonstrating why economic modelling is so important in understanding international business, this stimulating and highly original book sets out a new and exciting research agenda in international business studies. The author explains what economic models are, how they are constructed and the way in which they can be used. It illustrates how models clarify important issues in international business – explaining empirical anomalies, analyzing strategies and evaluating government policies towards multinational firms. There are detailed discussions of monopoly and competition in the global economy; the international division of labour; supply chain coordination; and the strategic implications of sunk costs in R&D. Based on this discussion, the book proposes a radical reformulation of the theory of the firm as applied to international business. |
| economic models are used to: Mathematical Methods and Models for Economists Angel de la Fuente, 2000-01-28 A textbook for a first-year PhD course in mathematics for economists and a reference for graduate students in economics. |
| economic models are used to: The Methodology of Economic Model Building (Routledge Revivals) Lawrence A. Boland, 2014-05-01 The major methodological task for modern economists has been to establish the testability of models. Too often, however, methodological assumptions can make a model virtually impossible to test even under ideal conditions, yet few theorists have examined the requirements and problems of assuring testability in economics. In The Methodology of Economic Model Building, first published in 1989, Lawrence Boland presents the results of a research project that spanned more than twenty years. He examines how economists have applied the philosophy of Karl Popper, relating methodological debates about falsifiability to wider discussions about the truth status of models in natural and social sciences. He concludes that model building in economics reflects more the methodological prescriptions of the economist Paul Samuelson than Popper’s ‘falsificationism’. This title will prove invaluable to both students and researchers, and represents a substantial contribution to debates about the scientific status of economics. |
| economic models are used to: Causal Inference in Economic Models Stephen F. LeRoy, 2020-10-12 There exist applications in many research areas including (but not limited to) economics dealing with causation that are analyzed using multi-equation mathematical models. This book develops and describes a formal treatment of causation in such mathematical models. It serves to replace existing treatments of causation, which almost without exception are vague and otherwise unsatisfactory. Development of theory is accompanied here by extensive analysis of examples drawn from the economics literature: treatment evaluation, potential outcomes, applied econometrics. The theory outlined here will be extremely useful in economics and such related fields as biology and biomedicine. |
| economic models are used to: Introduction to Computable General Equilibrium Models Mary E. Burfisher, 2016 The book provides a hands-on introduction to computable general equilibrium (CGE) models, written at an accessible, undergraduate level. |
| economic models are used to: Uncertainty Within Economic Models Lars Peter Hansen, Thomas J. Sargent, 2014 Studying this work in real time taught me a lot, but seeing it laid out in conceptual, rather than chronological, order provides even clearer insights into the evolution of this provocative line of research. Hansen and Sargent are two of the best economists of our time, they are also among the most dedicated teachers in our profession. They have once again moved the research frontier, and with this book provide a roadmap for the rest of us to follow. This is a must-have for anyone interested in modeling uncertainty, ambiguity and robustness.Stanley E ZinWilliam R Berkley Professor of Economics and BusinessLeonard N Stern School of BusinessNew York UniversityWritten by Lars Peter Hansen (Nobel Laureate in Economics, 2013) and Thomas Sargent (Nobel Laureate in Economics, 2011), Uncertainty within Economic Models includes articles adapting and applying robust control theory to problems in economics and finance. This book extends rational expectations models by including agents who doubt their models and adopt precautionary decisions designed to protect themselves from adverse consequences of model misspecification. This behavior has consequences for what are ordinarily interpreted as market prices of risk, but big parts of which should actually be interpreted as market prices of model uncertainty. The chapters discuss ways of calibrating agents' fears of model misspecification in quantitative contexts. |
| economic models are used to: Rational Herds Christophe Chamley, 2004 Publisher Description |
| economic models are used to: Energy from Waste Paul Breeze, 2017-10-27 Energy from Waste is a concise, up-to-date and accessible guide on how to create power from both urban and industrial waste. The book explores the types of waste that, instead of going to landfill, can be converted to energy, also discussing the most up-to-date technologies for doing so. The book contains a strong emphasis on the related environmental impacts and economic factors involved in the various methods of generating electricity, making this a valuable and insightful read for those involved in the management and conversion of waste, including energy engineers, managers and technicians. - Explores both urban and industrial waste, its composition and how it is collected, enabling readers to better understand which power generation technologies can be used to convert it into power - Discusses the most up-to-date technologies, along with the impacts they have on the environment, including solid residue, chemicals and dust from the flue-gas treatment (and the flue gas itself) - Evaluates the economic impact of converting energy from waste and implementing and managing waste plants |
| economic models are used to: Understanding Economic Forecasts David F. Hendry, Neil R. Ericsson, 2003 How to interpret and evaluate economic forecasts and the uncertainties inherent in them. |
| economic models are used to: The Theory of Money and Financial Institutions Martin Shubik, 1999 This first volume in a three-volume exposition of Shubik's vision of mathematical institutional economics explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of mathematical institutional economics--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the rules of the game. Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics. |
| economic models are used to: The End of Theory Richard Bookstaber, 2019-04-02 An in-depth look at how to account for the human complexities at the heart of today’s financial system Our economy may have recovered from the Great Recession—but not our economics. The End of Theory discusses why the human condition and the radical uncertainty of our world renders the standard economic model—and the theory behind it—useless for dealing with financial crises. What model should replace it? None. At least not any version we’ve been using for the past two hundred years. Richard Bookstaber argues for a new approach called agent-based economics, one that takes as a starting point the fact that we are humans, not the optimizing automatons that standard economics assumes we are. Sweeping aside the historic failure of twentieth-century economics, The End of Theory offers a novel perspective and more realistic framework to help prevent today's financial system from blowing up again. |
| economic models are used to: The Oxford Handbook of Philosophy of Economics Harold Kincaid, Don Ross, 2009-03-26 This volume is the first comprehensive, cohesive, and accessible reference source to the philosophy of economics, presenting important new scholarship by top scholars. |
| economic models are used to: Mathematical Theory of Economic Dynamics and Equilibria V.L. Makarov, A.M. Rubinov, 2012-12-06 This book is devoted to the mathematical analysis of models of economic dynamics and equilibria. These models form an important part of mathemati cal economics. Models of economic dynamics describe the motion of an economy through time. The basic concept in the study of these models is that of a trajectory, i.e., a sequence of elements of the phase space that describe admissible (possible) development of the economy. From all trajectories, we select those that are desirable, i.e., optimal in terms of a certain criterion. The apparatus of point-set maps is the appropriate tool for the analysis of these models. The topological aspects of these maps (particularly, the Kakutani fixed-point theorem) are used to study equilibrium models as well as n-person games. To study dynamic models we use a special class of maps which, in this book, are called superlinear maps. The theory of superlinear point-set maps is, obviously, of interest in its own right. This theory is described in the first chapter. Chapters 2-4 are devoted to models of economic dynamics and present a detailed study of the properties of optimal trajectories. These properties are described in terms of theorems on characteristics (on the existence of dual prices) and turnpike theorems (theorems on asymptotic trajectories). In Chapter 5, we state and study a model of economic equilibrium. The basic idea is to establish a theorem about the existence of an equilibrium state for the Arrow-Debreu model and a certain generalization of it. |
| economic models are used to: Misbehaving: The Making of Behavioral Economics Richard H. Thaler, 2015-05-11 Winner of the Nobel Prize in Economics Get ready to change the way you think about economics. Nobel laureate Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans—predictable, error-prone individuals. Misbehaving is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth—and change the way we think about economics, ourselves, and our world. Traditional economics assumes rational actors. Early in his research, Thaler realized these Spock-like automatons were nothing like real people. Whether buying a clock radio, selling basketball tickets, or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists. In other words, we misbehave. More importantly, our misbehavior has serious consequences. Dismissed at first by economists as an amusing sideshow, the study of human miscalculations and their effects on markets now drives efforts to make better decisions in our lives, our businesses, and our governments. Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world. He reveals how behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber. Laced with antic stories of Thaler’s spirited battles with the bastions of traditional economic thinking, Misbehaving is a singular look into profound human foibles. When economics meets psychology, the implications for individuals, managers, and policy makers are both profound and entertaining. Shortlisted for the Financial Times & McKinsey Business Book of the Year Award |
| economic models are used to: Economics , 2015 Russell Cooper and Andrew John have written an economics text aimed directly at students from its very inception. You?re thinking, Yeah, sure. I?ve heard that before. This textbook, Economics: Theory Through Applications, centers around student needs and expectations through two premises:? Students are motivated to study economics if they see that it relates to their own lives.? Students learn best from an inductive approach, in which they are first confronted with a problem, and then led through the process of solving that problem. Many books claim to present economics in a way that is digestible for students; Russell and Andrew have truly created one from scratch. This textbook will assist you in increasing students? economic literacy both by developing their aptitude for economic thinking and by presenting key insights about economics that every educated individual should know. How? Russell and Andrew have done three things in this text to accomplish that goal: Applications Ahead of Theory: They present all the theory that is standard in Principles books. But by beginning with applications, students get to learn why this theory is needed. Learning through Repetition: Important tools appear over and over again, allowing students to learn from repetition and to see how one framework can be useful in many different contexts. A Student?s Table of Contents vs. An Instructor?s Table of Contents: There is no further proof that Russell and Andrew have created a book aimed specifically at educating students about economics than their two tables of contents. |
| economic models are used to: General Theory Of Employment , Interest And Money John Maynard Keynes, 2016-04 John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and Keynesian views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning |
| economic models are used to: Economic Ideas You Should Forget Bruno S. Frey, David Iselin, 2017-03-08 Reporting on cutting-edge advances in economics, this book presents a selection of commentaries that reveal the weaknesses of several core economics concepts. Economics is a vigorous and progressive science, which does not lose its force when particular parts of its theory are empirically invalidated; instead, they contribute to the accumulation of knowledge. By discussing problematic theoretical assumptions and drawing on the latest empirical research, the authors question specific hypotheses and reject major economic ideas from the “Coase Theorem” to “Say’s Law” and “Bayesianism.” Many of these ideas remain prominent among politicians, economists and the general public. Yet, in the light of the financial crisis, they have lost both their relevance and supporting empirical evidence. This fascinating and thought-provoking collection of 71 short essays written by respected economists and social scientists from all over the world will appeal to anyone interested in scientific progress and the further development of economics. |
| economic models are used to: Regression Analysis J. Holton Wilson, 2012-08-02 The technique of regression analysis is used so often in business and economics today that an understanding of its use is necessary for almost everyone engaged in the field. This book will teach you the essential elements of building and understanding regression models in a business/economic context in an intuitive manner. The authors take a non-theoretical treatment that is accessible even if you have a limited statistical background. It is specifically designed to teach the correct use of regression, while advising you of its limitations and teaching about common pitfalls. This book describes exactly how regression models are developed and evaluated —where real data is used, instead of contrived textbook-like problems. Completing this book will allow you to understand and build basic business/economic models using regression analysis. You will be able to interpret the output of those models and you will be able to evaluate the models for accuracy and shortcomings. Even if you never build a model yourself, at some point in your career it is likely that you will find it necessary to interpret one; this book will make that possible. Included are instructions for using Microsoft Excel to build business/economic models using regression analysis with an appendix using screen shots and step-by-step instructions. |
CHAPTER 1 ECONOMIC MODELS - ICDST
Most of the models used in economics are comparative statics models. Some of the more sophisticated models in macroeconomics and business cycle analysis are dynamic models.
The Seven Properties of Good Models1 - Scholars at Harvard
This essay describes the seven key properties of useful economic models: parsimony, tractability, conceptual insightfulness, generalizability, falsifiability, empirical consistency, and predictive …
BacK BRIEF TO BASICS What are economic models? - IMF
Economic models generally consist of a set of math-ematical equations that describe a theory of economic behavior. The aim of model builders is to include enough equations to provide useful …
CHAPTER 2: FOUNDATIONS OF ECONOMIC ANALYSIS
We start by describing different ways to investigate economic phenomena. This is followed by an examination of two models that offer different approaches to defining and understanding the …
Economic forecasting: Models, indicators and data needs
Economic theory gives a good reference for developing large-scale macroeconomic models. In the Danish Economic Council such a model have been used since 1973. The model SMEC …
ECONOMICS: FOUNDATIONS AND MODELS
1.3 Economic Models Economists develop economic models to analyze real-world issues. Building an economic model often follows these steps: 1. Decide on the assumptions to use in …
Department of Finance Econometric Models - California
IHS Global Insight is now the most widely-used U.S. econometric model and forecasting service. It is well respected for its forecasting and econometric modeling throughout government and …
Models and Modelling in Economics - University of Pittsburgh
We cover various perspectives on the philosophical status and different roles of models in economics and discuss how these approaches fit into the modern science of economics.
Central Bank Models: Lessons from the Past and Ideas for the …
A short historical review of how economic models have been developed and used at central banks in the past offers important lessons for the future. I will start with that history— which of course …
ECONOMIC AND ECONOMETRIC MODELS - Archive.org
Models play a major role in all econometric studies, whether theoretical or applied. Indeed, defining econometrics as the branch of economics concerned with the empirical estimation of …
Economic models - Vanderbilt University
We start with illustrations of the power and pervasiveness of models even outside of economics. We then provide an outline of the components of a generic economic model and a discussion …
What Economics Models Really Say - Dani Rodrik
Models clarify the logic of hypotheses, ensure that predictions indeed follow from the premises, open our eyes to counterintuitive possibilities, suggest how predictions could be tested, and …
FOUNDATIONS OF ECONOMIC ANALYSIS - Boston University
We provide examples of two basic economic models: the neoclassical model and the contextual model. It also provides an overview of the three spheres of economic activity defined in the …
Importance of Models in Economics - GaoShan
economists use models as their tools to help them in dealing with problems or historical data in the economy. Economics is one branch of social sciences that is concerned with money flows, …
CHAPTER 2 Economic Models: Trade-offs and Trade
Models in Economics: A model is a simplified representation of a real situation that is used to better understand real-life situations. The production possibility frontier (PPF) illustrates the …
Macroeconomic modelling: A review.
We review the type of models typically used, such as VARs, DSGEs and large-scale models, as well as new academic developments, such as HANK models and ABMs. We also explore …
Economic models and policy-making - Bank of England
He outlines how large macroeconometric models were used in the 1970s and 1980s; the reasons why they did not meet the needs of policy-makers; and how the need to incorporate …
BACK TO BASICS What Is Econometrics? - IMF
econometrics uses economic theory, mathematics, and sta-tistical inference to quantify economic phenomena. In other words, it turns theoretical economic models into useful tools for …
Second thoughts on economics rules* - Dani Rodrik
My take on economic models in the book differs from the standard one. Ask an economist what purpose an economic model serves, and the typical answer you will get is something like this:
CHAPTER 1 ECONOMIC MODELS - ICDST
Most of the models used in economics are comparative statics models. Some of the more sophisticated models in macroeconomics and business cycle analysis are dynamic models.
The Seven Properties of Good Models1 - Scholars at Harvard
This essay describes the seven key properties of useful economic models: parsimony, tractability, conceptual insightfulness, generalizability, falsifiability, empirical consistency, and predictive …
Models in macroeconomics - London School of Economics
Before discussing how economic models have contributed to shaping this policy view, it might be helpful to first explain what a model is! Models are essentially abstractions. They simplify what …
BacK BRIEF TO BASICS What are economic models? - IMF
Economic models generally consist of a set of math-ematical equations that describe a theory of economic behavior. The aim of model builders is to include enough equations to provide useful …
CHAPTER 2: FOUNDATIONS OF ECONOMIC ANALYSIS
We start by describing different ways to investigate economic phenomena. This is followed by an examination of two models that offer different approaches to defining and understanding the …
Economic forecasting: Models, indicators and data needs
Economic theory gives a good reference for developing large-scale macroeconomic models. In the Danish Economic Council such a model have been used since 1973. The model SMEC …
ECONOMICS: FOUNDATIONS AND MODELS
1.3 Economic Models Economists develop economic models to analyze real-world issues. Building an economic model often follows these steps: 1. Decide on the assumptions to use in …
Department of Finance Econometric Models - California
IHS Global Insight is now the most widely-used U.S. econometric model and forecasting service. It is well respected for its forecasting and econometric modeling throughout government and …
Models and Modelling in Economics - University of Pittsburgh
We cover various perspectives on the philosophical status and different roles of models in economics and discuss how these approaches fit into the modern science of economics.
Central Bank Models: Lessons from the Past and Ideas for …
A short historical review of how economic models have been developed and used at central banks in the past offers important lessons for the future. I will start with that history— which of course …
ECONOMIC AND ECONOMETRIC MODELS - Archive.org
Models play a major role in all econometric studies, whether theoretical or applied. Indeed, defining econometrics as the branch of economics concerned with the empirical estimation of …
Economic models - Vanderbilt University
We start with illustrations of the power and pervasiveness of models even outside of economics. We then provide an outline of the components of a generic economic model and a discussion …
What Economics Models Really Say - Dani Rodrik
Models clarify the logic of hypotheses, ensure that predictions indeed follow from the premises, open our eyes to counterintuitive possibilities, suggest how predictions could be tested, and …
FOUNDATIONS OF ECONOMIC ANALYSIS - Boston University
We provide examples of two basic economic models: the neoclassical model and the contextual model. It also provides an overview of the three spheres of economic activity defined in the …
Importance of Models in Economics - GaoShan
economists use models as their tools to help them in dealing with problems or historical data in the economy. Economics is one branch of social sciences that is concerned with money flows, …
CHAPTER 2 Economic Models: Trade-offs and Trade
Models in Economics: A model is a simplified representation of a real situation that is used to better understand real-life situations. The production possibility frontier (PPF) illustrates the …
Macroeconomic modelling: A review.
We review the type of models typically used, such as VARs, DSGEs and large-scale models, as well as new academic developments, such as HANK models and ABMs. We also explore …
Economic models and policy-making - Bank of England
He outlines how large macroeconometric models were used in the 1970s and 1980s; the reasons why they did not meet the needs of policy-makers; and how the need to incorporate …
BACK TO BASICS What Is Econometrics? - IMF
econometrics uses economic theory, mathematics, and sta-tistical inference to quantify economic phenomena. In other words, it turns theoretical economic models into useful tools for …
Second thoughts on economics rules* - Dani Rodrik
My take on economic models in the book differs from the standard one. Ask an economist what purpose an economic model serves, and the typical answer you will get is something like this:
