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Author: R.L. Basmann
Publisher: Springer Science & Business Media
ISBN: 1468494015
Category : Business & Economics
Languages : en
Pages : 161
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Book Description
In this book the foundations and applicability of the Generalized Fechner-Thurstone Utility Function are laid out. It is shown how by removing the constraint of fixed preferences in the neoclassical consumer theory, utility theory can be used to develop non-parametric indices along with elasticities of the marginal rates of substitutions. It is also shown that whereas the existence of a fixed preference utility function is not always guaranteed for different demand functions, there will always exist at least one Generalized Fechner-Thurstone Direct Utility Function. Furthermore, analysis using the Fechner-Thurstone Direct Utility Function is clear and simple and does not rely on ad hoc Taylor expansions. The construction of different true-cost-of-living indices, the comparison of North American consumers, and a habit formation model are developed to show the usefulness of the Generalized Fechner-Thurstone Direct Utility Function.
Author: R.L. Basmann
Publisher: Springer Science & Business Media
ISBN: 1468494015
Category : Business & Economics
Languages : en
Pages : 161
Get Book Here
Book Description
In this book the foundations and applicability of the Generalized Fechner-Thurstone Utility Function are laid out. It is shown how by removing the constraint of fixed preferences in the neoclassical consumer theory, utility theory can be used to develop non-parametric indices along with elasticities of the marginal rates of substitutions. It is also shown that whereas the existence of a fixed preference utility function is not always guaranteed for different demand functions, there will always exist at least one Generalized Fechner-Thurstone Direct Utility Function. Furthermore, analysis using the Fechner-Thurstone Direct Utility Function is clear and simple and does not rely on ad hoc Taylor expansions. The construction of different true-cost-of-living indices, the comparison of North American consumers, and a habit formation model are developed to show the usefulness of the Generalized Fechner-Thurstone Direct Utility Function.
Author: Shu-Jen Chen
Publisher: Springer Science & Business Media
ISBN: 3642467687
Category : Mathematics
Languages : en
Pages : 552
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Book Description
This monograph is intended for an advanced undergraduate or graduate course as well as for researchers, who want a compilation of developments in this rapidly growing field of operations research. This is a sequel to our previous works: "Multiple Objective Decision Making--Methods and Applications: A state-of-the-Art Survey" (No.164 of the Lecture Notes); "Multiple Attribute Decision Making--Methods and Applications: A State-of-the-Art Survey" (No.186 of the Lecture Notes); and "Group Decision Making under Multiple Criteria--Methods and Applications" (No.281 of the Lecture Notes). In this monograph, the literature on methods of fuzzy Multiple Attribute Decision Making (MADM) has been reviewed thoroughly and critically, and classified systematically. This study provides readers with a capsule look into the existing methods, their characteristics, and applicability to the analysis of fuzzy MADM problems. The basic concepts and algorithms from the classical MADM methods have been used in the development of the fuzzy MADM methods. We give an overview of the classical MADM in Chapter II. Chapter III presents the basic concepts and mathematical operations of fuzzy set theory with simple numerical examples in a easy-to-read and easy-to-follow manner. Fuzzy MADM methods basically consist of two phases: (1) the aggregation of the performance scores with respect to all the attributes for each alternative, and (2) the rank ordering of the alternatives according to the aggregated scores.
Author: Antoine Billot
Publisher: Springer
ISBN: 366201050X
Category : Business & Economics
Languages : en
Pages : 175
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Book Description
Fuzzy set theory, which started not much more than 20 years ago as a generalization of classical set theory, has in the meantime evolved into an area which scientifically, as well as from the point of view of applications, is recognized as a very valuable contribution to the existing knowledge. To an increasing degree, however, fuzzy set theory is also used in a descriptive, factual sense or as a decision making technology. Most of these applications of fuzzy set theory are in the areas of fuzzy control, multi-criteria analysis, descriptive decision theory and expert systems design. In economics, the application of fuzzy set theory is still very rare. Apart from Professor Ponsard and his group, who have obviously recognized the potential offuzzy set theory in economics much better than others, only very few economists are using this new tool in order to model economic systems in a more realistic way than often possible by traditional approaches, and to gain more insight into structural interdependences of economic systems. I consider it, therefore, particularly valuable that Dr. Billot, in his book, makes a remarkable contribution in this direction. There seems to be one major difference between Dr.
Author: Pierre-Yves Moix
Publisher: Springer Science & Business Media
ISBN: 9783540421436
Category : Business & Economics
Languages : en
Pages : 292
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Book Description
The objective of this book is to set up an economic quantitative model for the assessment of financial market risk. The Measurement of Market Risk reviews the probabilistic modelling of so-called risk factors, which represent the uncertainty of financial markets, and discusses the issue of risk as the perception of uncertainty by individuals when faced with a decision problem. Further, the book discusses the pricing of financial instruments as a function of risk factors. Emphasis is put on options, because they exhibit a non-linear exposure to the risk factors. The core of the text is the assessment of risk for financial portfolios by way of estimating the portfolio probability distribution. A new approach, the Barycentric Discretisation with Piecewise Quadratic Approximation (BDPQA), which poses no assumptions on the risk factor distribution and accounts for the non-linearity of the price functions, is introduced.
Author: Young-Jou Lai
Publisher: Springer Science & Business Media
ISBN: 3642579493
Category : Mathematics
Languages : en
Pages : 493
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Book Description
In the last 25 years, the fuzzy set theory has been applied in many disciplines such as operations research, management science, control theory, artificial intelligence/expert system, etc. In this volume, methods and applications of crisp, fuzzy and possibilistic multiple objective decision making are first systematically and thoroughly reviewed and classified. This state-of-the-art survey provides readers with a capsule look into the existing methods, and their characteristics and applicability to analysis of fuzzy and possibilistic programming problems. To realize practical fuzzy modelling, it presents solutions for real-world problems including production/manufacturing, location, logistics, environment management, banking/finance, personnel, marketing, accounting, agriculture economics and data analysis. This book is a guided tour through the literature in the rapidly growing fields of operations research and decision making and includes the most up-to-date bibliographical listing of literature on the topic.
Author: Jan Odelstad
Publisher: Springer Science & Business Media
ISBN: 3642483887
Category : Business & Economics
Languages : en
Pages : 255
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Book Description
This is a revised version of a doctoral thesis, submitted in mimeographed fonn to the Faculty of Arts, Uppsala University, 1988. It deals with the notions of struc tural dependence and independence, which are used in many applications of mathe matics to science. For instance, a physical law states that one physical aspect is structurally dependent on one or more other aspects. Structural dependence is closely related to the mathematical idea of functional dependence. However, struc tural dependence is primarily thought of as a relation holding between aspects rather than between their measures. In this book, the traditional way of treating aspects within measurement theory is modified. An aspect is not viewed as a set-theoretical structure but as a function which has sets as arguments and set-theoretical structures as values. This way of regarding aspects is illustrated with an application to social choice and group deci sion theory. Structural dependence is connected with the idea of concomitant variations and the mathematical notion of invariance. This implies that the study of this notion has roots going back to Mill's inductive logic, to Klein's Erlangen Program for geome try and to Padoa's method for proving the independence of symbols in formal logic.
Author: Carlo Giannini
Publisher: Springer Science & Business Media
ISBN: 3662027577
Category : Business & Economics
Languages : en
Pages : 144
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Book Description
1. Introduction 1 2. Identification Analysis and F.I.M.L. Estimation for the K-Mode1 10 3. Identification Analysis and F.I.ML. Estimation for the C-Model 23 4. Identification Analysis and F.I.M.L. Estimation for the AB-Model 32 5. Impulse Response Analysis and Forecast Error Variance Decomposition in SVAR Modeling 44 5 .a Impulse Response Analysis 44 5.b Variance Decomposition (by Antonio Lanzarotti) 51 6. Long-run A-priori Information. Deterministic Components. Cointegration 58 6.a Long-run A-priori Information 58 6.b Deterministic Components 62 6.c Cointegration 65 7. The Working of an AB-Model 71 Annex 1: The Notions ofReduced Form and Structure in Structural VAR Modeling 83 Annex 2: Some Considerations on the Semantics, Choice and Management of the K, C and AB-Models 87 Appendix A 93 Appendix B 96 Appendix C (by Antonio Lanzarotti and Mario Seghelini) 99 Appendix D (by Antonio Lanzarotti and Mario Seghelini) 109 References 128 Foreword In recent years a growing interest in the structural VAR approach (SVAR) has followed the path-breaking works by Blanchard and Watson (1986), Bemanke (1986) and Sims (1986), especially in U.S. applied macroeconometric literature. The approach can be used in two different, partially overlapping directions: the interpretation ofbusiness cycle fluctuations of a small number of significantmacroeconomic variables and the identification of the effects of different policies.
Author: Karl Frauendorfer
Publisher: Springer Science & Business Media
ISBN: 3642956963
Category : Business & Economics
Languages : en
Pages : 236
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Book Description
Stochastic Programming offers models and methods for decision problems wheresome of the data are uncertain. These models have features and structural properties which are preferably exploited by SP methods within the solution process. This work contributes to the methodology for two-stagemodels. In these models the objective function is given as an integral, whose integrand depends on a random vector, on its probability measure and on a decision. The main results of this work have been derived with the intention to ease these difficulties: After investigating duality relations for convex optimization problems with supply/demand and prices being treated as parameters, a stability criterion is stated and proves subdifferentiability of the value function. This criterion is employed for proving the existence of bilinear functions, which minorize/majorize the integrand. Additionally, these minorants/majorants support the integrand on generalized barycenters of simplicial faces of specially shaped polytopes and amount to an approach which is denoted barycentric approximation scheme.
Author: Rene V.V. Vidal
Publisher: Springer Science & Business Media
ISBN: 3642467873
Category : Business & Economics
Languages : en
Pages : 362
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Book Description
In February 1992, I defended my doctoral thesis: Engineering Optimiza tion - selected contributions (IMSOR, The Technical University of Den mark, 1992, p. 92). This dissertation presents retrospectively my central contributions to the theoretical and applied aspects of optimization. When I had finished my thesis I became interested in editing a volume related to a new expanding area of applied optimization. I considered several approaches: simulated annealing, tabu search, genetic algorithms, neural networks, heuristics, expert systems, generalized multipliers, etc. Finally, I decided to edit a volume related to simulated annealing. My main three reasons for this choice were the following: (i) During the last four years my colleagues at IMSOR and I have car ried out several applied projects where simulated annealing was an essential. element in the problem-solving process. Most of the avail able reports and papers have been written in Danish. After a short review I was convinced that most of these works deserved to be pub lished for a wider audience. (ii) After the first reported applications of simulated annealing (1983- 1985), a tremendous amount of theoretical and applied work have been published within many different disciplines. Thus, I believe that simulated annealing is an approach that deserves to be in the curricula of, e.g. Engineering, Physics, Operations Research, Math ematical Programming, Economics, System Sciences, etc. (iii) A contact to an international network of well-known researchers showed that several individuals were willing to contribute to such a volume.
Author: Javier Gardeazabal
Publisher: Springer Science & Business Media
ISBN: 3642488587
Category : Business & Economics
Languages : en
Pages : 206
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Book Description
These notes draw from the Theory of Cointegration in order to test the monetary model of exchange rate determination. Previous evidence shows that the monetary model does not capture the short run dynamics of the exchange rate, specially when assessed in terms of forecasting accuracy. Even though the monetary equations of exchange rate determination may be bad indicators of how exchange rates are determined in the short run, they couldstill describe long run equilibrium relationships between the exchange rate and its fundamentals. Stationary deviations from those long run relationships are allowed in the short run. This book also addresses severalissues on Cointegration. Chapter 6 studies the small sample distribution of the likelihood ratio test statistics (on the dimension and restrictions on the cointegrating space) under deviations from normality. This monograph also focuses on the issue of optimal prediction in partially nonstationary multivariate time series models. In particular, it caries out an exchange rate prediction exercise.
