Dynamic Preferences, Choice Mechanisms, and Welfare

Dynamic Preferences, Choice Mechanisms, and Welfare PDF Author: Ludwig von Auer
Publisher: Springer Science & Business Media
ISBN: 3642588794
Category : Business & Economics
Languages : en
Pages : 227

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Book Description
For most economic aspects of human behaviour, static deci sion models provide an insufficient description. More specifically, they ignore the fact that preferences may change over time and that at each point of time current preferences depend on aspects which are associated with the past or the future. The neglect of these phenomena may lead to results which have little in com mon with real life. Dynamic decision models were developed in order to cope with these complications. Spurred by the availability of new mathematical tools such as optimal control theory and dynamic programming, dynamic utility models mushroomed over the last two decades. Various frameworks were developed featuring dif ferent restrictions on the way agents form preferences in an in tertemporal environment. Unfortunately, no systematic reappraisal of this literature ex ists. The survey provided in part I of this thesis attempts to fill in this gap. It introduces a comprehensive classification sys tem which allows for a coherent organization of all studies of intertemporal choice under certainty and complete information. 2 1. Introduction The latter implies that the individual knows in advance all fu ture preferences and choice possibilities. In this survey we show that all dynamic utility models can be viewed as special cases of the class of universal utility mod els. It is therefore desirable to investigate intertemporal decision making in terms of this least restrictive framework. Accordingly, all findings of part II of this thesis are derived for the class of universal utility models.

Dynamic Preferences, Choice Mechanisms, and Welfare

Dynamic Preferences, Choice Mechanisms, and Welfare PDF Author: Ludwig von Auer
Publisher: Springer Science & Business Media
ISBN: 3642588794
Category : Business & Economics
Languages : en
Pages : 227

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Book Description
For most economic aspects of human behaviour, static deci sion models provide an insufficient description. More specifically, they ignore the fact that preferences may change over time and that at each point of time current preferences depend on aspects which are associated with the past or the future. The neglect of these phenomena may lead to results which have little in com mon with real life. Dynamic decision models were developed in order to cope with these complications. Spurred by the availability of new mathematical tools such as optimal control theory and dynamic programming, dynamic utility models mushroomed over the last two decades. Various frameworks were developed featuring dif ferent restrictions on the way agents form preferences in an in tertemporal environment. Unfortunately, no systematic reappraisal of this literature ex ists. The survey provided in part I of this thesis attempts to fill in this gap. It introduces a comprehensive classification sys tem which allows for a coherent organization of all studies of intertemporal choice under certainty and complete information. 2 1. Introduction The latter implies that the individual knows in advance all fu ture preferences and choice possibilities. In this survey we show that all dynamic utility models can be viewed as special cases of the class of universal utility mod els. It is therefore desirable to investigate intertemporal decision making in terms of this least restrictive framework. Accordingly, all findings of part II of this thesis are derived for the class of universal utility models.

Computer-Aided Scheduling of Public Transport

Computer-Aided Scheduling of Public Transport PDF Author: Stefan Voß
Publisher: Springer Science & Business Media
ISBN: 3642564232
Category : Business & Economics
Languages : en
Pages : 465

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Book Description
This proceedings volume consists of selected papers presented at the Eighth International Conference on Computer-Aided Scheduling 0/Public Transport (CASPT 2000), which was held at the conference center of the Konrad rd Adenauer-Foundation in Berlin, Germany, from June 2pt to 23 , 2000. The CASPT 2000 is the continuation of aseries of international workshops and conferences presenting recent research and progress in computer-aided scheduling in public transport.Previous workshops and conferences were held in • Chicago (1975), • Leeds (1980), • Montreal (1983 and 1990), • Hamburg (1987), • Lisbon (1993) and • Cambridge, Mass. (1997).1 With CASPT 2000, our series of workshops and conferences celebrated th its 25 anniversary. Starting with a Workshop on Automated Techniques [or Scheduling 0/ Vehicle Operators [or Urban Public Transportation Services in 1975 the scope and purpose has broadened since and still continues to do so. The previous workshops and conferences were focused on public mass transit, and while this remained the primary focus ofthe 2000 conference, it included also computer-aided scheduling methods being developed and applied in re lated means of passenger transport systems. Commonalities regarding op erations research techniques such as, e.g., column generation techniques and 1 While there were no formal proceedings for the first workshop but only a p- printed copy of all papers issued to participants on arrival, the subsequent ones are weil documented as folIows: Wren, A. (Ed.) (1981). Computer Scheduling 0/ Public Transport. North Holland, Amsterdam.

The Measurement of Market Risk

The Measurement of Market Risk PDF Author: Pierre-Yves Moix
Publisher: Springer Science & Business Media
ISBN: 364256481X
Category : Business & Economics
Languages : en
Pages : 281

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Book Description
This book is a revised version of my doctoral dissertation submitted to the University of St. Gallen in October 1999. I would like to thank Dr. oec. Marc Wildi whose careful reading of much of the text led to many improvements. All errors remain mine. Pfiiffikon SZ, Switzerland, March 2001 Pierre-Yves Moix Preface to the dissertation "Education is man's going forward from cocksure ignorance to thoughtful uncertainty" Don Clark's Scrapbook quoted in Wonnacott and Wonnacott (1990). After several years of banking practice, I decided to give up some of my certitudes and considered this thesis project a good opportunity to study some of the quantitative tools necessary for the modelling of uncertainty. lowe very much to Prof. Dr. Karl Frauendorfer, the referee of my thesis, for the time he took to read the manuscript and for the numerous valuable suggestions he made. I am also very grateful to Prof. Dr. Klaus Spremann who kindly accepted to co-refer my thesis and who strengthened my inter est in finance during my study period. During my time at the Institute for Operations Research of the University of St. Gallen (lfU-HSG) I had the opportunity to participate in the project "RiskLab" which provides a very profitable link between finance practice and academics. I would especially like to thank Dr. Christophe Rouvinez from Credit Suisse for his comments and all the data he provided so generously.

Financial Pricing Models in Continuous Time and Kalman Filtering

Financial Pricing Models in Continuous Time and Kalman Filtering PDF Author: B.Philipp Kellerhals
Publisher: Springer Science & Business Media
ISBN: 3662219018
Category : Business & Economics
Languages : en
Pages : 243

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Book Description
Straight after its invention in the early sixties, the Kalman filter approach became part of the astronautical guidance system of the Apollo project and therefore received immediate acceptance in the field of electrical engineer ing. This sounds similar to the well known success story of the Black-Scholes model in finance, which has been implemented by the Chicago Board of Op tions Exchange (CBOE) within a few month after its publication in 1973. Recently, the Kalman filter approach has been discovered as a comfortable estimation tool in continuous time finance, bringing together seemingly un related methods from different fields. Dr. B. Philipp Kellerhals contributes to this topic in several respects. Specialized versions of the Kalman filter are developed and implemented for three different continuous time pricing models: A pricing model for closed-end funds, taking advantage from the fact, that the net asset value is observable, a term structure model, where the market price of risk itself is a stochastic variable, and a model for electricity forwards, where the volatility of the price process is stochastic. Beside the fact that these three models can be treated independently, the book as a whole gives the interested reader a comprehensive account of the requirements and capabilities of the Kalman filter applied to finance models. While the first model uses a linear version of the filter, the second model using LIBOR and swap market data requires an extended Kalman filter. Finally, the third model leads to a non-linear transition equation of the filter algorithm.

Economics with Heterogeneous Interacting Agents

Economics with Heterogeneous Interacting Agents PDF Author: Alan Kirman
Publisher: Springer Science & Business Media
ISBN: 3642564720
Category : Business & Economics
Languages : en
Pages : 340

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Book Description
This book analyses situations in which individual agents, who might be different from each other, interact and produce behaviour on the aggregate level which does not correspond to that of the average actor. This leads to aggregate outcomes which would be impossible to explain in a more standard approach. Aggregation generates structure and, as a result, interaction and heterogeneity can be handled and we no longer have to rely on the over-simplified reduction of the behaviour of the economy to that of a "rational" individual.

Quantitative Models for Reverse Logistics

Quantitative Models for Reverse Logistics PDF Author: Moritz Fleischmann
Publisher: Springer Science & Business Media
ISBN: 364256691X
Category : Technology & Engineering
Languages : en
Pages : 181

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Book Description
Economic, marketing, and legislative considerations are increasingly leading companies to take back and recover their products after use. From a logistics perspective, these initiatives give rise to new goods flows from the user back to the producer. The management of these goods flows opposite to the traditional supply chain flows is addressed in the recently emerged field of Reverse Logistics. This monograph considers quantitative models that support decision making in Reverse Logistics. To this end, several recent case studies are reviewed. Moreover, first hand insight from a study on used electronic equipment is reported on. On this basis, logistics issues arising in the management of "reverse" goods flows are identified. Moreover, differences between Reverse Logistics and more traditional logistics contexts are highlighted. Finally, attention is paid to capturing the characteristics of Reverse Logistics in appropriate quantitative models.

Generalized Convexity and Generalized Monotonicity

Generalized Convexity and Generalized Monotonicity PDF Author: Nicolas Hadjisavvas
Publisher: Springer Science & Business Media
ISBN: 9783540418061
Category : Mathematics
Languages : en
Pages : 428

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Book Description
Various generalizations of convex functions have been introduced in areas such as mathematical programming, economics, management science, engineering, stochastics and applied sciences, for example. Such functions preserve one or more properties of convex functions and give rise to models which are more adaptable to real-world situations than convex models. Similarly, generalizations of monotone maps have been studied recently. A growing literature of this interdisciplinary field has appeared, and a large number of international meetings are entirely devoted or include clusters on generalized convexity and generalized monotonicity. The present book contains a selection of refereed papers presented at the 6th International Symposium on Generalized Convexity/Monotonicity, and aims to review the latest developments in the field.

FME 2001: Formal Methods for Increasing Software Productivity

FME 2001: Formal Methods for Increasing Software Productivity PDF Author: Jose N. Oliveira
Publisher: Springer Science & Business Media
ISBN: 9783540417910
Category : Business & Economics
Languages : en
Pages : 1052

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Book Description
This book constitutes the refereed proceedings of the International Symposium of Formal Methods Europe, FME 2001, held in Berlin, Germany, in March 2001. The 32 revised full papers presented together with abstracts of three invited talks were carefully reviewed and selected from a total of 72 submissions. Focusing on increasing software productivity, all current aspects in formal methods are covered. Among the application areas addressed are avionics, smart cards, financial engineering, E-commerce, middleware, security, telecommunications, etc.

Unemployment, Market Structure and Growth

Unemployment, Market Structure and Growth PDF Author: Rüdiger Wapler
Publisher: Springer Science & Business Media
ISBN: 3642558933
Category : Business & Economics
Languages : en
Pages : 246

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Book Description
In his Ph. D. thesis, Rudiger Wapler analyses the causes of the persistently high unemployment rates especially in continental Europe. Particular emphasis is placed on imperfect labour and product markets on the one hand, and on the numerous links between unemployment, innovations and growth on the other. Hence, Rudiger Wapler provides an important contribution towards a better understanding of both the development of labour markets as well as the dynamics of growth. To aid readers with only little prior knowledge of labour markets, the book presents the most common theories of unemployment: (1) trade-union models in which union bargaining power leads to wages above their market-clearing level, (2) efficiency-wage models in which employers voluntarily pay higher wages in order to motivate or discipline their workers or to reduce the job turnover rate, as well as (3) matching models in which unemployment is caused by the continuous turnover of jobs and workers. In addition, emphasis is placed on the fact that labour needs to be treated as heterogeneous, a fact often neg lected in the literature. Subsequently, these labour-market foundations are integrated with modern theories of innovations and growth, making the ap proach much more relevant and plausible. Without doubt, the generalisations of the models performed by Rudiger Wapler show that there are limits to such formal analysis. Due to the increasing number of interdependencies, it is doubtful whether even more complex models provide additional (usable) insights.

Search Games and Other Applications of Game Theory

Search Games and Other Applications of Game Theory PDF Author: Andrey Garnaev
Publisher: Springer Science & Business Media
ISBN: 3642573045
Category : Business & Economics
Languages : en
Pages : 157

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Book Description
This book is on applications of game theory. The title of this book is not "Game Theory and its Applications" because it does not construct a general theory for considered games. The book contains a lot of examples of applica tion of game theory together with the background of those games considered and a list of unsolved problems. Also we consider only the game where the optimal strategies of the players are found in closed form. This book is an attempt to carryon the approach developed in nice books "Search Games" by Gal and "Geometric Games and their Applications" by Ruckle. The first chapter of this book supplies the required definitions and theorems from game theory. The second chapter deals with discrete search games where both players act simultaneously: the games of protection of a channel from infiltration of a submarine, the submarine versus helicopter game, the matrix search games and others. The third chapter considers the game where the players allocate their contin uous efforts. In these games players face up an alternative either not to come into contest if the cost of efforts seems too high, or come into it. In the last case the player have to decide how much resources they can afford to spend. The allocation models of search, antiballistic protection and marketing are investigated.