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Author: Paul Milgrom
Publisher: Columbia University Press
ISBN: 023154457X
Category : Business & Economics
Languages : en
Pages : 222
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Book Description
Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith’s famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still indispensable to avoid disastrous consequences. With just an air traffic controller, however, limited resources can be wasted or poorly used. What’s needed in this and many other real-world cases is an auction system that can effectively reveal prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom—the world’s most frequently cited academic expert on auction design—describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse, constraints are critical, and market-clearing prices may not even exist. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world’s growing complex resource-allocation problems.
Author: Paul Milgrom
Publisher: Columbia University Press
ISBN: 023154457X
Category : Business & Economics
Languages : en
Pages : 222
Get Book Here
Book Description
Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith’s famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still indispensable to avoid disastrous consequences. With just an air traffic controller, however, limited resources can be wasted or poorly used. What’s needed in this and many other real-world cases is an auction system that can effectively reveal prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom—the world’s most frequently cited academic expert on auction design—describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse, constraints are critical, and market-clearing prices may not even exist. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world’s growing complex resource-allocation problems.
Author: David F. Batten
Publisher: Routledge
ISBN: 0429723989
Category : Political Science
Languages : en
Pages : 284
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Book Description
I’Ve live in an astornshingly complex world, Yet what we do in our everyday lives seems simple enough. Most of us conform to society’s rules, pursue familiar strategies, and achieve reasonably predictable outcomes. In our role as economic agents, we simply peddle our wares and earn our daily bread as best we can.So where on earth does this astonishing complexity come from? Much of it is ubiquitous in nature, to be sure, but part of it lies within and between us. Part of it comes from those games of interaction that humans play—games against nature, games against each other, games of competition, games of cooperation. In bygone eras, people simply hunted and gathered to come up with dinner. Today you can find theoretical economists scratching mysterious equations on whiteboards (not even blackboards) and getting paid to do this. In the modern economy, most of us make our living in a niche created for us by what others do. Because we’ve become more dependent on each other, our economy as a whole has become more strongly interactive.
Author: Victor A. Canto
Publisher: Financial Times/Prentice Hall
ISBN:
Category : Business & Economics
Languages : en
Pages : 344
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Book Description
“Successful investors are those who can pick the right investments for different economic conditions. It's like matching wine with food. In this book, Victor Canto is both your star chef and sommelier. Don't be afraid to put Cocktail Economics to work today. You'll find that two-star investing has become a four-star endeavor.” –Charlie Parker, financial maven and former Chief Financial Officer of Continental Insurance “Victor Canto's insight and uber-rational approach will forever change the way you look at risk and return. Perhaps equally important, he'll make you a better economic and political thinker. No one has a greater understanding of how marginal changes in world economics and politics impact portfolio holdings.” –Neil Rose, CFA, CIO Cadinha & Co. “I count Victor Canto among today's best and smartest investment advisors. He has made money in both the good times and bad for many a satisfied client. With this book, he has now done all investors, including myself, an important service: He has written a widely accessible book about the marriage of economics and investing, and the crucial ties that bind the two. It's the story of how big ideas make the investment world go round.” –From the Foreword by Dr. John Rutledge, Chairman, Rutledge Capital, LLC What can moonshine, mountain climbers, power plants, salmon, football players, and well-known celebrities teach you about investing? More than you ever imagined! Through entertaining, easy-to-understand anecdotes, analogies, and examples, Canto reveals why the most successful investment strategies reflect a balance of active and passive approaches. You'll learn how to “read” economic cycles, identifying the specific asset classes most likely to outperform in tomorrow's business environment. Construct and optimize your winning investment plan, step-by-step, from start to finish! MAKE HAY WHILE THE SUN SHINES The case for predicting, forecasting, and timing PASSIVE INVESTING? ACTIVE INVESTING? NO. BOTH. Why you need to take both sides in the never-ending debate ELASTICITY: CATCH IT IF YOU CAN Putting industry behavior to work for you CALIFORNIA , FRANCE, AND THE “LOCATION EFFECT” Investing internationally in the age of globalization TURN “SMOKE” INTO “SIGNALS” Making the most of publicly available price data YOUR PORTFOLIO VS. THE GOVERNMENT Anticipating and responding to regulations and taxation TILT TOWARD SUCCESS, ONE STEP AT A TIME Build your benchmark portfolio, then optimize it for changing environments Victor Canto reveals exactly how the economy affects markets and how to “read” business cycles so you can profit from every shift in the business cycle. Among the topics covered: investing internationally in the age of globalization; transforming price data into usable market “signals”; anticipating the impact of regulations and taxation; and more. From start to finish, Canto's focus is practical, and his focus is simple: outstanding investment results. Foreword xii Preface xvii Introduction: The Above-Average Opportunity xxi Chapter 1: The Buy-and-Hold Connection: Investing Fundamentals, Courtesy of the American Homeowner, the American Dream–or Reality? 1 Chapter 2: Leaping the Transaction-Cost Hurdle: Sometimes It's Easy, Other Times It's Not 19 Chapter 3: Dressing Appropriately for the Stock Market: The Potential Payoffs of a Switching Strategy 31 Chapter 4: Catch Elasticity If You Can: An Introduction to Industry Behavior 47 Chapter 5: Putting High-Beta to Work: Industry-Based Portfolio Strategies 67 Chapter 6: California Is a Country: An Introduction to the Location Effect 83 Chapter 7: &And France Is a State: How to Invest Internationally in the Age of Globalization 99 Chapter 8: Pipelines to Our Investment Returns: How We Get What We Want, in the Amount We Want, and When We Want It 113 Chapter 9: Who Are You? Investor Profiles and the Case for Asset Allocation 131 Chapter 10: Your Benchmark Portfolio. . .and Beyond 145 Chapter 11: Turning Smoke into Signals: How to Make the Most Out of Price Data 157 Chapter 12: Making Hay While the Sun Shines: The Case for Predicting, Forecasting, and Timing 173 Chapter 13: The Fight Is On: How to Invest Properly Relative to Regulations, Inflation, and Taxation 195 Chapter 14: Ending the Never-Ending Debate: Active vs. Passive Investing and Why You Can Take Both Sides 217 Chapter 15: A Rational Walk Down Wall Street: Darting Between Passive and Active When the Odds Are in Your Favor 233 Chapter 16: Alpha Bets: The Case for Hedge Funds and a Greek Letter You'll Want in Your Portfolio 247 Chapter 17: Tilting Toward Success: A Step-by-Step Guide to Above-Average Asset Allocation 265 Index 291
Author: Greg Parry
Publisher:
ISBN: 9781875313396
Category : Economics
Languages : en
Pages : 292
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Book Description
Author: Robert L. Sexton
Publisher: SAGE Publications
ISBN: 1544336306
Category : Business & Economics
Languages : en
Pages : 1241
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Book Description
The excitement of learning economics for the first time. The experience of a lifetime of teaching it. The Eighth Edition of Exploring Economics captures the excitement of learning economics for the first time through a lively and encouraging narrative that connects economics to the world in a way that is familiar to students. Author Robert L. Sexton draws on over 25 years of teaching experience to capture students’ attention, focusing on core concepts and expertly weaving in examples from current events and popular culture to make even classic economic principles modern and relatable. The text sticks to the basics and applies a thoughtful learning design, segmenting its presentation into brief, visually appealing, self-contained sections that are easier for students to digest and retain compared to sprawling text. Thoughtfully placed section quizzes, interactive summaries, and problem sets help students check their comprehension at regular intervals and develop the critical thinking skills that will allow them to "think like economists." Combined with a complete teaching and learning package, Exploring Economics is sure to help you ignite your students’ passion for the field and reveal its practical application in the world around them.
Author: Greg Parry
Publisher:
ISBN: 9781875313525
Category :
Languages : en
Pages :
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Book Description
Text for Year 12 Economics students. Written for ATAR course in WA. 2 units - International Economics; Macroeconomics and Economic Policy. 14 chapters
Author: Michael Shute
Publisher: University of Toronto Press
ISBN: 144264091X
Category : Business & Economics
Languages : en
Pages : 313
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Book Description
Bernard Lonergan's economic writings span forty years and contain ideas that differ radically from those of his contemporaries. His theory of macroeconomic dynamics was developed through the 1930s and 1940s, culminating in the composition of For a New Political Economy (1942) and An Essay in Circulation Analysis (1944). In Lonergan's Discovery of the Science of Economics, Michael Shute uses archival material in order to examine the influence of Lonergan's early work in methodology, social philosophy, and theology on the development of his economic theory. Shute traces the development of Lonergan's economic ideas from the late 1920s to the publication of his significant economic works in the 1940s. Together with its companion volume, Lonergan's Early Economic Research, this volume outlines the process behind one of the great intellectual discoveries of the twentieth century and uncovers Lonergan's framework for a genuine science of economics.
Author: Robert L. Sexton
Publisher: South Western Educational Publishing
ISBN: 9780324260793
Category : Economics
Languages : en
Pages : 0
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Book Description
This is not a traditional encyclopedic text filled with technical details. Rather it is a modern, "back-to-basics" book written expressly to promote economic literacy and engage students in learning about how economics affects them as citizens in our society. Coupled with pedagogical innovations that are well-grounded in learning theory research, the text's visually effective design and captivating content inspires students to actually read the chapters. It succeeds like no other text in taking the intimidation out of economics and in meeting its goal of explaining the material in a manner that will "bring students the same feeling of excitement and relevance" the author felt when taking his first economics class.
Author: Larry Dwyer
Publisher: Emerald Group Publishing
ISBN: 085724681X
Category : Business & Economics
Languages : en
Pages : 311
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Book Description
Presents the personal histories of some of the world's leading tourism economists, many of whom pioneered the field. This book offers a collection of personal experiences and is a literary celebration of the global community of economic scholars working in tourism. It provides a culturally and geographically diverse set of autobiographies.
Author: Sandra Harding
Publisher: Springer Science & Business Media
ISBN: 0306480174
Category : Science
Languages : en
Pages : 431
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Book Description
Are Western epistemology, metaphysics, methodology and the philosophy of science grounded only in men's distinctive understandings of themselves, others, and nature? Does this less than human understanding distort our models of reason and of scientific inquiry? In different ways, the papers in this collection explore the evidence for these increasingly reasonable and intriguing questions. They identify how it is distinctively masculine perspectives on masculine experience which have shaped the most fundamental and formal aspects of systematic thought in philosophy and the natural and social sciences - precisely the aspects of thought believed most gender-neutral. They show how these understandings ground Aristotle's biology and metaphysics; the very definition of the problems of philosophy in Plato, Descartes, Hobbes and Rousseau; the `adversary method' which is the paradigm of philosophic and scientific reasoning; principles of individuation in philosophical ontology and the philosophy of language; individualistic assumptions in psychology; functionalism in sociological and biological theory; evolutionary theory; the methodology of political science; Marxist political economy; and conceptions of `objective inquiry' in the social and natural sciences. These essays also begin to identify for us the distictive aspects of women's experience which can provide the resources needed for the creation of a truly human understanding. Audience: The book will be of interest to those involved in epistemology, and philosophy of the natural and social sciences, as well as feminist scholars in philosophy. The work will also be of value for theorists, methodologists, and feminist scholars in the natural and social sciences.
