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The Microeconomics of Complex Economies

The Microeconomics of Complex Economies
Evolutionary, Institutional, Neoclassical, and Complexity Perspectives

by Wolfram Elsner,Torsten Heinrich,Henning Schwardt

  • Publisher : Academic Press
  • Release : 2014-04-15
  • Pages : 600
  • ISBN : 0124115993
  • Language : En, Es, Fr & De
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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

Exam Prep for: The Microeconomics of Complex Economies

Exam Prep for: The Microeconomics of Complex Economies
A Book

by Anonim

  • Publisher : Unknown Publisher
  • Release : 2021
  • Pages : 329
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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Microeconomics of Interactive Economies

Microeconomics of Interactive Economies
Evolutionary, Institutional, and Complexity Perspectives. a 'non-Toxic' Intermediate Textbook

by Wolfram Elsner

  • Publisher : Edward Elgar Publishing
  • Release : 2012-01-01
  • Pages : 272
  • ISBN : 1781953406
  • Language : En, Es, Fr & De
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A 'Non-Toxic' Intermediate Textbook 'Here, at last, we have the ideal textbook for microeconomics from an evolutionary and institutional perspective. Wolfram Elsner does nothing less than reconstruct the principles of microeconomics for a world of interactive business networks, change and innovation, crisis and uncertainty, as well as coordination problems and cooperative joint ventures. The publication of this book is a landmark event in microeconomics.' – Phillip A. O'Hara, Curtin University of Technology, Perth, Australia and President-Elect of AFEE, 2012 'This microeconomics textbook by Wolfram Elsner provides a timely alternative for understanding the micro roots of uncertainty, complexity and crisis. The evolutionary and institutional perspective sheds new light on contemporary issues such as clusters, networks, innovation and coordination. By reading this textbook, teachers, students and practitioners will open their minds to new economic thinking.' – Ping Chen, Peking University, Beijing, Fudan University, Shanghai, China and author of Economic Complexity and Equilibrium Illusion This thorough reconstruction of microeconomics 'post-2008' provides economic students with a new way of real-world understanding and strategic qualification that will be better appreciated by their future employers and any professional practice. It will prove essential for economic students and other social science programs at a graduate level. This accessible and engaging textbook includes: • A survey of the most famous core models of modern microeconomics including the neoclassical approach and its heterodox critiques – Sraffian, Institutionalist, Post-Keynesian and Mirowskian • An introduction to complexity thinking in economics • An introduction to game theory • An introduction to the methods of complex computer simulation • An introduction to strategic behavior • An newly integrated approach to real-world and complexity economics, rather than focusing on neoclassical ('perfect') market equilibrium 'plus a thousand recent extra things on top'. See the companion website – www.microeconomics.us – for teaching material, readings, exams and as a general guide to explore issues raised in the book.

Microeconomic Modeling in Urban Science

Microeconomic Modeling in Urban Science
A Book

by Francisco Martínez Concha

  • Publisher : Academic Press
  • Release : 2018-07-10
  • Pages : 294
  • ISBN : 0128152974
  • Language : En, Es, Fr & De
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Microeconomic Modeling in Urban Science proposes an interdisciplinary framework for the analysis of urban systems. It portrays agents as rational beings modeled under the framework of random utility behavior and interacting in a complex market of location auctions, location externalities, agglomeration economies, transport accessibility attributes, and planning regulations and incentives. Francisco Javier Martinez Concha considers the optimal planning of cities as he explores interactions between citizens and between citizens and firms, the mesoscopic agglomeration of firms and the segregation of agents’ socioeconomic clusters, and the emergence of city-level scale laws. Its unified model of city life is relevant to micro-, meso- and macro-scale interactions. Presents a unified, coherent and realistic framework able to simulate complete urban systems Describes the use of discrete–choice and stochastic behavior models in the auction spatial-equilibrium market Includes computing outputs from Cube-Land modeling using GIS

Handbook of Empirical Economics and Finance

Handbook of Empirical Economics and Finance
A Book

by Aman Ullah,David E. A. Giles

  • Publisher : CRC Press
  • Release : 2016-04-19
  • Pages : 532
  • ISBN : 9781420070361
  • Language : En, Es, Fr & De
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Handbook of Empirical Economics and Finance explores the latest developments in the analysis and modeling of economic and financial data. Well-recognized econometric experts discuss the rapidly growing research in economics and finance and offer insight on the future direction of these fields. Focusing on micro models, the first group of chapters describes the statistical issues involved in the analysis of econometric models with cross-sectional data often arising in microeconomics. The book then illustrates time series models that are extensively used in empirical macroeconomics and finance. The last set of chapters explores the types of panel data and spatial models that are becoming increasingly significant in analyzing complex economic behavior and policy evaluations. This handbook brings together both background material and new methodological and applied results that are extremely important to the current and future frontiers in empirical economics and finance. It emphasizes inferential issues that transpire in the analysis of cross-sectional, time series, and panel data-based empirical models in economics, finance, and related disciplines.

Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems

Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems
A Book

by Cars Hommes

  • Publisher : Cambridge University Press
  • Release : 2013-01-24
  • Pages : 253
  • ISBN : 110701929X
  • Language : En, Es, Fr & De
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Recognising that the economy is a complex system with boundedly rational interacting agents, applies complexity modelling to economics and finance.

Innovation, Intellectual Property, and Economic Growth

Innovation, Intellectual Property, and Economic Growth
A Book

by Christine Greenhalgh,Mark Rogers

  • Publisher : Princeton University Press
  • Release : 2010-01-24
  • Pages : 366
  • ISBN : 0691137994
  • Language : En, Es, Fr & De
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Christine Greenhalgh explains the complex process of innovation & how it sustains the growth of firms, industries & economies, combining microeconomic & macroeconomic analysis.

Economic Development for Everyone

Economic Development for Everyone
Creating Jobs, Growing Businesses, and Building Resilience in Low-Income Communities

by Mark M. Miller

  • Publisher : Routledge
  • Release : 2017-05-09
  • Pages : 238
  • ISBN : 1317237447
  • Language : En, Es, Fr & De
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How do we create employment, grow businesses, and build greater economic resilience in our low-income communities? How do we create economic development for everyone, everywhere – including rural towns, inner-city neighborhoods, aging suburbs, and regions such as Appalachia, American Indian reservations, the Mexican border, and the Mississippi Delta – and not just in elite communities? Economic Development for Everyone collects, organizes, and reviews much of the current research available on creating economic development in low-income communities. Part I offers an overview of the harsh realities facing low-income communities in the US today; their many economic and social challenges; debates on whether to try reviving local economies vs. relocating residents; and current trends in economic development that emphasize high-tech industry and high levels of human capital. Part II organizes the sprawling literature of applied economic development research into a practical framework of five dynamic dimensions: empower your residents: begin with basic education; enhance your community: build on existing assets; encourage your entrepreneurs; diversify your economy; and sustain your development. This book, assembled and presented in a unified framework, will be invaluable for students and new researchers of economic development in low-income communities, and will offer new perspectives for established researchers, professional economic developers and planners, and public officials. Development practitioners and community leaders will also find new ideas and opportunities, along with a broad view on how the many complex parts of economic development interconnect.

The New Technocracy

The New Technocracy
A Book

by Anders Esmark

  • Publisher : Bristol University Press
  • Release : 2020-04
  • Pages : 224
  • ISBN : 1529200873
  • Language : En, Es, Fr & De
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The recent rise of populist parties and movements in the United States and Europe--and their contempt for and distrust of the opinions of mainstream experts--has shocked the establishment. New Technocracy examines how the post-industrial technocratic regime of the 1980s--defined by managerialism, depoliticization, and the politics of expertise--sowed the seeds for the today's backlash against elite political powers. Esmark argues that populism is a sign that the technocratic bluff has finally been called, setting a new benchmark for studies of technocracy by showing that a solution to the challenge of populism will depend as much on a technocratic retreat as democratic innovation.

Principles of Microeconomics 2e

Principles of Microeconomics 2e
A Book

by Steven A. Greenlaw,David Shapiro,Timothy Taylor

  • Publisher : Unknown Publisher
  • Release : 2017-09-15
  • Pages : 329
  • ISBN : 9781947172340
  • Language : En, Es, Fr & De
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Debate the Issues

Debate the Issues
Complexity and Policy Making

by Anonim

  • Publisher : Unknown Publisher
  • Release : 2017-06-22
  • Pages : 104
  • ISBN : 9789264271524
  • Language : En, Es, Fr & De
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- Foreword - Introduction: A complexity approach to economic challenges - Complexity and policy making - Complexity and economics - Complexity and the financial system - Applications of complexity theory - Towards a new narrative

Networking History

Networking History
East vs. West in a Complex Systems Perspective

by Hilton L. Root

  • Publisher : Cambridge University Press
  • Release : 2020-03-31
  • Pages : 338
  • ISBN : 1108488994
  • Language : En, Es, Fr & De
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Root shows how the tools of network analysis can be used to understand great transitions in global economic history.

Applied Macroeconomics for Public Policy

Applied Macroeconomics for Public Policy
A Book

by Rafael Yanushevsky,Camilla Yanushevsky

  • Publisher : Academic Press
  • Release : 2018-06-29
  • Pages : 230
  • ISBN : 0128156333
  • Language : En, Es, Fr & De
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Applied Macroeconomics for Public Policy applies system and control theory approaches to macroeconomic problems. The book shows how to build simple and efficient macroeconomic models for policy analysis. By using these models, instead of complex multi-criteria models with uncertain parameters, readers will gain new certainty in macroeconomic decision-making. As high debt to GDP ratios cause problems in societies, this book provides insights on improving economies during and after economic downturns. Provides a detailed analysis of existing macroeconomic models Addresses the dynamics of debt to GDP ratio and the effects of fiscal and monetary policy on this ratio Shows how to use models to evaluate the dynamics of the debt to GDP ratio in cases of government spending and tax cuts and to decide whether such economic measures are efficient Uses optimal theory to obtain optimal yearly debt levels to reach the established goals (decrease debt or balance budget) Provides many examples and software exercises to promote learning by doing

Banks and Finance in Modern Macroeconomics

Banks and Finance in Modern Macroeconomics
A Historical Perspective

by Bruna Ingrao,Claudio Sardoni

  • Publisher : Edward Elgar Publishing
  • Release : 2021
  • Pages : 296
  • ISBN : 178643153X
  • Language : En, Es, Fr & De
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The world financial crisis of 2007–2008 dramatically showed the importance of credit and financial relations for the efficient working of the economy. For a long time mainstream macroeconomics ignored these aspects and concentrated only on the real sector or just took into account the most elementary picture of the financial side of the economy. This book aims at explaining why this happened through an historical excursion of 20th century mainstream macroeconomic theory.

A Framework for Assessing Effects of the Food System

A Framework for Assessing Effects of the Food System
A Book

by National Research Council,Institute of Medicine,Board on Agriculture and Natural Resources,Food and Nutrition Board,Committee on a Framework for Assessing the Health, Environmental, and Social Effects of the Food System

  • Publisher : National Academies Press
  • Release : 2015-06-17
  • Pages : 444
  • ISBN : 030930783X
  • Language : En, Es, Fr & De
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How we produce and consume food has a bigger impact on Americans' well-being than any other human activity. The food industry is the largest sector of our economy; food touches everything from our health to the environment, climate change, economic inequality, and the federal budget. From the earliest developments of agriculture, a major goal has been to attain sufficient foods that provide the energy and the nutrients needed for a healthy, active life. Over time, food production, processing, marketing, and consumption have evolved and become highly complex. The challenges of improving the food system in the 21st century will require systemic approaches that take full account of social, economic, ecological, and evolutionary factors. Policy or business interventions involving a segment of the food system often have consequences beyond the original issue the intervention was meant to address. A Framework for Assessing Effects of the Food System develops an analytical framework for assessing effects associated with the ways in which food is grown, processed, distributed, marketed, retailed, and consumed in the United States. The framework will allow users to recognize effects across the full food system, consider all domains and dimensions of effects, account for systems dynamics and complexities, and choose appropriate methods for analysis. This report provides example applications of the framework based on complex questions that are currently under debate: consumption of a healthy and safe diet, food security, animal welfare, and preserving the environment and its resources. A Framework for Assessing Effects of the Food System describes the U.S. food system and provides a brief history of its evolution into the current system. This report identifies some of the real and potential implications of the current system in terms of its health, environmental, and socioeconomic effects along with a sense for the complexities of the system, potential metrics, and some of the data needs that are required to assess the effects. The overview of the food system and the framework described in this report will be an essential resource for decision makers, researchers, and others to examine the possible impacts of alternative policies or agricultural or food processing practices.

Spationomy

Spationomy
A Book

by Vít Pászto

  • Publisher : Springer Nature
  • Release : 2020
  • Pages : 325
  • ISBN : 3030266265
  • Language : En, Es, Fr & De
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This open access book is based on "Spationomy ? Spatial Exploration of Economic Data", an interdisciplinary and international project in the frame of ERASMUS+ funded by the European Union. The project aims to exchange interdisciplinary knowledge in the fields of economics and geomatics. For the newly introduced courses, interdisciplinary learning materials have been developed by a team of lecturers from four different universities in three countries. In a first study block, students were taught methods from the two main research fields. Afterwards, the knowledge gained had to be applied in a project. For this international project, teams were formed, consisting of one student from each university participating in the project. The achieved results were presented in a summer school a few months later. At this event, more methodological knowledge was imparted to prepare students for a final simulation game about spatial and economic decision making. In a broader sense, the chapters will present the methodological background of the project, give case studies and show how visualisation and the simulation game works.

Models in Microeconomic Theory ('She' Edition)

Models in Microeconomic Theory ('She' Edition)
A Book

by Ariel Rubinstein,Martin J. Osborne

  • Publisher : Open Book Publishers
  • Release : 2020-03-27
  • Pages : 362
  • ISBN : 178374894X
  • Language : En, Es, Fr & De
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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.

Complexity and Industrial Clusters

Complexity and Industrial Clusters
Dynamics and Models in Theory and Practice

by Alberto Quadrio Curzio,Marco Fortis

  • Publisher : Springer Science & Business Media
  • Release : 2012-12-06
  • Pages : 308
  • ISBN : 3642500072
  • Language : En, Es, Fr & De
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This volume contains the proceedings of the international conference "Complexity and Industrial Clusters: Dynamics and Models in Theory and Practice", organized by Fondazione Comunita e Innovazione and held in Milan on June 19 and 20, 2001 under the aegis of the Accademia Nazionale dei Lincei (founded in Rome in 1604), one of the oldest and most famous national academies of science in the world. Fondazione Comunita e Innovazione encourages research and the dissemination of knowledge about social, economic, cultural and civil issues. It promotes research and innovation related to local production systems and industrial districts, with special reference to: the interactions between large companies and SMEs (small and medium-size enterprises), the effects of industrial districts on the development and welfare of their communities and of neighbouring areas, the effects of globalisation on these local systems of productions. Fondazione Comunita e Innovazione was created in Milan in 1999. It supports studies, publications, and events, both on its own and in cooperation with corporations, research institutes, foundations, associations and universities. It also grants scientific sponsorship to research that is in line with its mission, as set forth in its by-laws. The founding member of the Fondazione is Edison (formerly Monted:son). The other subscribing members, in historical order, are: Ausimont, Tecnimont, Eridania, Accenture, and PricewaterhouseCoopers.

Complex Economics

Complex Economics
Individual and Collective Rationality

by Alan Kirman

  • Publisher : Routledge
  • Release : 2010-09-13
  • Pages : 272
  • ISBN : 1136941673
  • Language : En, Es, Fr & De
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The economic crisis is also a crisis for economic theory. Most analyses of the evolution of the crisis invoke three themes, contagion, networks and trust, yet none of these play a major role in standard macroeconomic models. What is needed is a theory in which these aspects are central. The direct interaction between individuals, firms and banks does not simply produce imperfections in the functioning of the economy but is the very basis of the functioning of a modern economy. This book suggests a way of analysing the economy which takes this point of view. The economy should be considered as a complex adaptive system in which the agents constantly react to, influence and are influenced by, the other individuals in the economy. In such systems which are familiar from statistical physics and biology for example, the behaviour of the aggregate cannot be deduced from the behaviour of the average, or "representative" individual. Just as the organised activity of an ants’ nest cannot be understood from the behaviour of a "representative ant" so macroeconomic phenomena should not be assimilated to those associated with the "representative agent". This book provides examples where this can clearly be seen. The examples range from Schelling’s model of segregation, to contributions to public goods, the evolution of buyer seller relations in fish markets, to financial models based on the foraging behaviour of ants. The message of the book is that coordination rather than efficiency is the central problem in economics. How do the myriads of individual choices and decisions come to be coordinated? How does the economy or a market, "self organise" and how does this sometimes result in major upheavals, or to use the phrase from physics, "phase transitions"? The sort of system described in this book is not in equilibrium in the standard sense, it is constantly changing and moving from state to state and its very structure is always being modified. The economy is not a ship sailing on a well-defined trajectory which occasionally gets knocked off course. It is more like the slime described in the book "emergence", constantly reorganising itself so as to slide collectively in directions which are neither understood nor necessarily desired by its components.

Microeconomic Policy

Microeconomic Policy
A New Perspective

by Clement Allan Tisdell,Keith Hartley

  • Publisher : Edward Elgar Publishing
  • Release : 2008-01-01
  • Pages : 480
  • ISBN : 1848441517
  • Language : En, Es, Fr & De
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The new and updated edition of Microeconomic Policy provides an excellent blend of theory and application to foster understanding of economic-based policy making. The book is eclectic in its approach and addresses a rich set of current applications. It is an ideal book for teaching microeconomic-based policy analysis to students. Todd Sandler, University of Texas at Dallas, US Designed for students who have already encountered the microeconomic principles, this valuable text focusses effectively on their policy implications, imbuing the apparently dry theory with its insights for the general welfare. William J. Baumol, New York University, US and Princeton University, US A distinctive feature of this book is the application of microeconomics to public policy. As to be expected given the international reputation of the authors there is a thorough treatment of global environmental policies, including the Stern Report, and a very useful chapter on issues of defence, conflict and terrorism. What this text offers, and most competing books do not is the breadth of coverage. In this revised edition we have integration into the topics of advances in behavioural, evolutionary and Austrian economics. The relevance to business management and government policy of the material presented makes the subject come alive in application. . . a refreshing change from the curve-shifting that dominates traditional microeconomic texts which turns-off so many of our students and prevents them from seeing the crucial importance of economics to almost every aspect of our well-being. John Lodewijks, University of Western Sydney, Australia This thoroughly accessible textbook shows students how microeconomic theory can be used and applied to major issues of public policy. In this way, it will improve their understanding of both microeconomic theory and policy and also develop their ability to critically assess them. Clem Tisdell and Keith Hartley have expanded upon their previous successful work on microeconomics. As a result, this new book is considerably updated with substantial chapter revisions, as well as new chapters dealing with business management, ownership, environmental issues, public choice, defence, conflict and terrorism. Promoting a thorough understanding of this complex yet fundamental topic, Microeconomic Policy: A New Perspective will undoubtedly prove an invaluable textbook for all students, academics and researchers of economics and public policy.