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Author: Jayalakshmi Krishnakumar
Publisher: Springer Science & Business Media
ISBN: 3642456472
Category : Business & Economics
Languages : en
Pages : 371
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Book Description
Economists can rarely perform controlled experiments to generate data. Existing information in the form of real-life observations simply has to be utilized in the best possible way. Given this, it is advantageous to make use of the increasing availability and accessibility of combinations of time-series and cross-sectional data in the estimation of economic models. But such data call for a new methodology of estimation and hence for the development of new econometric models. This book proposes one such new model which introduces error components in a system of simultaneous equations to take into account the temporal and cross-sectional heterogeneity of panel data. After a substantial survey of panel data models, the newly proposed model is presented in detail and indirect estimations, full information and limited information estimations, and estimations with and without the assumption of normal distribution errors. These estimation methods are then applied using a computer to estimate a model of residential electricity demand using data on American households. The results are analysed both from an economic and from a statistical point of view.
Author: Jayalakshmi Krishnakumar
Publisher: Springer Science & Business Media
ISBN: 3642456472
Category : Business & Economics
Languages : en
Pages : 371
Get Book Here
Book Description
Economists can rarely perform controlled experiments to generate data. Existing information in the form of real-life observations simply has to be utilized in the best possible way. Given this, it is advantageous to make use of the increasing availability and accessibility of combinations of time-series and cross-sectional data in the estimation of economic models. But such data call for a new methodology of estimation and hence for the development of new econometric models. This book proposes one such new model which introduces error components in a system of simultaneous equations to take into account the temporal and cross-sectional heterogeneity of panel data. After a substantial survey of panel data models, the newly proposed model is presented in detail and indirect estimations, full information and limited information estimations, and estimations with and without the assumption of normal distribution errors. These estimation methods are then applied using a computer to estimate a model of residential electricity demand using data on American households. The results are analysed both from an economic and from a statistical point of view.
Author: László Mátyás
Publisher: Springer Science & Business Media
ISBN: 9400903758
Category : Business & Economics
Languages : en
Pages : 564
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Book Description
The aim of this volume is to provide a general overview of the econometrics of panel data, both from a theoretical and from an applied viewpoint. Since the pioneering papers by Kuh (1959), Mundlak (1961), Hoch (1962), and Balestra and Nerlove (1966), the pooling of cross section and time series data has become an increasingly popular way of quantifying economic relationships. Each series provides information lacking in the other, so a combination of both leads to more accurate and reliable results than would be achievable by one type of series alone. Over the last 30 years much work has been done: investigation of the properties of the applied estimators and test statistics, analysis of dynamic models and the effects of eventual measurement errors, etc. These are just some of the problems addressed by this work. In addition, some specific diffi culties associated with the use of panel data, such as attrition, heterogeneity, selectivity bias, pseudo panels etc., have also been explored. The first objective of this book, which takes up Parts I and II, is to give as complete and up-to-date a presentation of these theoretical developments as possible. Part I is concerned with classical linear models and their extensions; Part II deals with nonlinear models and related issues: logit and probit models, latent variable models, incomplete panels and selectivity bias, and point processes.
Author: Lászlo Mátyás
Publisher: Springer Science & Business Media
ISBN: 3540758925
Category : Business & Economics
Languages : en
Pages : 966
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Book Description
This restructured, updated Third Edition provides a general overview of the econometrics of panel data, from both theoretical and applied viewpoints. Readers discover how econometric tools are used to study organizational and household behaviors as well as other macroeconomic phenomena such as economic growth. The book contains sixteen entirely new chapters; all other chapters have been revised to account for recent developments. With contributions from well known specialists in the field, this handbook is a standard reference for all those involved in the use of panel data in econometrics.
Author: Thomas B. Fomby
Publisher: Springer Science & Business Media
ISBN: 1441987460
Category : Business & Economics
Languages : en
Pages : 637
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Book Description
This book had its conception in 1975in a friendly tavern near the School of Businessand PublicAdministration at the UniversityofMissouri-Columbia. Two of the authors (Fomby and Hill) were graduate students of the third (Johnson), and were (and are) concerned about teaching econometrics effectively at the graduate level. We decided then to write a book to serve as a comprehensive text for graduate econometrics. Generally, the material included in the bookand itsorganization have been governed by the question, " Howcould the subject be best presented in a graduate class?" For content, this has meant that we have tried to cover " all the bases " and yet have not attempted to be encyclopedic. The intended purpose has also affected the levelofmathematical rigor. We have tended to prove only those results that are basic and/or relatively straightforward. Proofs that would demand inordinant amounts of class time have simply been referenced. The book is intended for a two-semester course and paced to admit more extensive treatment of areas of specific interest to the instructor and students. We have great confidence in the ability, industry, and persistence of graduate students in ferreting out and understanding the omitted proofs and results. In the end, this is how one gains maturity and a fuller appreciation for the subject in any case. It is assumed that the readers of the book will have had an econometric methods course, using texts like J. Johnston's Econometric Methods, 2nd ed.
Author: J. Pfanzagl
Publisher: Springer Science & Business Media
ISBN: 1461257697
Category : Mathematics
Languages : en
Pages : 324
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Book Description
Author: Arvid Aulin
Publisher: Springer Science & Business Media
ISBN: 3642957382
Category : Business & Economics
Languages : en
Pages : 132
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Book Description
A critical examination of The prevailing orthodoxy according to which all macroeconomic theory should be reducible to microeconomics. The book provides a mathematical extension of the Lucas theory to allow for the effects of creation of knowledge upon economic development so as to improve the prediction of business cycle data.
Author: Horand Störmer
Publisher: Springer Science & Business Media
ISBN: 3642615198
Category : Business & Economics
Languages : en
Pages : 160
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Book Description
In this book binary functions and their representation by implicants or implicates are described. In particular minimal representations by prime implicants or prime implicates are given. Such representations generalize the minimal representations of the usual Boolean functions. It is shown that implicants (implicates) of discrete functions may be constructed with the help of implicants (implicates) of binary functions. One substantial application is the description of the reliability structure of technical systems, another is the use of binary respectively discrete functions to classify objects which are described by the grades of certain attributes. Finally a class of Boolean algebras of practical importance (set algebras, indicator algebras, algebras of classes of propositions) are considered. The elements of such algebras have representations which are strongly connected with the representations of binary functions.
Author: Joachim R. Daduna
Publisher: Springer Science & Business Media
ISBN: 3642577628
Category : Mathematics
Languages : en
Pages : 391
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Book Description
This proceedings volume consists of papers presented at the Sixth International Workshop on Computer-Aided Scheduling of Public Transpon, which was held at the Fund~lio Calouste Gulbenkian in Lisbon from July 6th to 9th, 1993. In the tradition of alternating Workshops between North America and Europe - Chicago (1975), Leeds (1980), Montreal (1983), Hamburg (1987) and again Montreal (1990), the European city of Lisbon was selected as the venue for the Workshop in 1993. As in earlier Workshops, the central theme dealt with vehicle and duty scheduling problems and the employment of operations-research-based software systems for operational planning in public transport. However, as was initiated in Hamburg in 1987, the scope of this Workshop was broadened to include topics in related fields. This fundamental alteration was an inevitable consequence of the growing demand over the last decade for solutions to the complete planning process in public transport through integrated systems. Therefore, the program of this workshop included sections which dealt with scheduling problems and computerized systems for operational planning as well as sections on network planning and data management.
Author: Carl Chiarella
Publisher: Springer Science & Business Media
ISBN: 3642467075
Category : Business & Economics
Languages : en
Pages : 162
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Book Description
Elements of a Nonlinear Theory of Economic Dynamics provides both a framework and a survey of its needs. First, principle results and techniques of the theory relevant to applications in dynamic economics are discussed, then their application in view of older endogenous cycle theories are considered in a unified mathematical framework. Models incorporating the government budget constraint and the Goodwin model are analysed using the method of averaging and the centre manifold theory. The dynamic instability problem is solved by placing models in a nonlinear framework.
Author: Klaus Neumann
Publisher: Springer Science & Business Media
ISBN: 3642615155
Category : Mathematics
Languages : en
Pages : 250
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Book Description
Project planning, scheduling, and control are regularly used in business and the service sector of an economy to accomplish outcomes with limited resources under critical time constraints. To aid in solving these problems, network-based planning methods have been developed that now exist in a wide variety of forms, cf. Elmaghraby (1977) and Moder et al. (1983). The so-called "classical" project networks, which are used in the network techniques CPM and PERT and which represent acyclic weighted directed graphs, are able to describe only projects whose evolution in time is uniquely specified in advance. Here every event of the project is realized exactly once during a single project execution and it is not possible to return to activities previously carried out (that is, no feedback is permitted). Many practical projects, however, do not meet those conditions. Consider, for example, a production process where some parts produced by a machine may be poorly manufactured. If an inspection shows that a part does not conform to certain specifications, it must be repaired or replaced by a new item. This means that we have to return to a preceding stage of the production process. In other words, there is feedback. Note that the result of the inspection is that a certain percentage of the parts tested do not conform. That is, there is a positive probability (strictly less than 1) that any part is defective.
