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The second edition of Non-extensive Entropy Econometrics for Low Frequency Series provides a new and robust power-law-based, non-extensive entropy econometrics approach to the economic modelling of ill-behaved inverse problems. Particular attention is paid to national account-based general equilibrium models known for their relative complexity.In theoretical terms, the approach generalizes Gibbs-Shannon-Golan entropy models, which are useful for describing ergodic phenomena. In essence, this entropy econometrics approach constitutes a junction of two distinct concepts: Jayne's maximum entropy principle and the Bayesian generalized method of moments. Rival econometric techniques are not conceptually adapted to solving complex inverse problems or are seriously limited when it comes to practical implementation. Recent literature showed that amplitude and frequency of macroeconomic fluctuations do not substantially diverge from many other extreme events, natural or human-related, once they are explained in the same time (or space) scale. Non-extensive entropy is a precious device for econometric modelling even in the case of low frequency series, since outputs evolving within the Gaussian attractor correspond to the Tsallis entropy limiting case of Tsallis q-parameter around unity. This book introduces a sub-discipline called Non-extensive Entropy Econometrics or, using a recent expression, Superstar Generalised Econometrics. It demonstrates, using national accounts-based models, that this approach facilitates solving nonlinear, complex inverse problems, previously considered intractable, such as the constant elasticity of substitution class of functions. This new proposed approach could extend the frontier of theoretical and applied econometrics.
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Phenanthroline --- Complex compounds --- Composés complexes --- 541.121 <083> --- Metal complexes --- Chemical statics in general. Equilibrium in general--Tabellen. Lijsten. Indices --(niet-bibliografische) --- 541.121 <083> Chemical statics in general. Equilibrium in general--Tabellen. Lijsten. Indices --(niet-bibliografische) --- Composés complexes
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This paper analyzes the impact of large-scale expansion of biofuels on the global income distribution and poverty. A global computable general equilibrium model is used to simulate the effects of the expansion of biofuels on resource allocation, commodity prices, factor prices and household income. A second model based on world-wide household surveys uses these results to calculate the impacts on poverty and global income inequality. The study finds that the large-scale expansion of biofuels leads to an increase in production and prices of agricultural commodities. The increased prices would cause higher food prices, especially in developing countries. Moreover, wages of unskilled rural labor would also increase, which slows down the rural to urban migration in many developing countries. The study also shows that the effects on poverty vary across regions; it increases in South Asia and Sub-Saharan Africa, whereas it decreases in Latin America. At the global level, the expansion of biofuels increases poverty slightly.
Biofuels --- Economic Theory & Research --- Energy --- Environment --- Food & Beverage Industry --- General equilibrium modeling --- Income inequality --- Labor Policies --- Poverty --- Regional Economic Development --- Rural Poverty Reduction
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This paper considers the welfare and distributional consequences of higher relative food prices in rural India through the lens of a specific-factors, general equilibrium, trade model applied at the district level. The evidence shows that nominal wages for manual labor both within and outside agriculture respond elastically to increases in producer prices; that is, wages rose faster in rural districts growing more of those crops with large price run-ups over 2004-09. Accounting for such wage gains, the analysis finds that rural households across the income spectrum benefit from higher agricultural commodity prices. Indeed, rural wage adjustment appears to play a much greater role in protecting the welfare of the poor than the Public Distribution System, India's giant food-rationing scheme. Moreover, policies, like agricultural export bans, which insulate producers (as well as consumers) from international price increases, are particularly harmful to the poor of rural India. Conventional welfare analyses that assume fixed wages and focus on households' net sales position lead to radically different conclusions.
Agribusiness --- Agriculture --- Economic Theory & Research --- Emerging Markets --- General Equilibrium --- Labor Policies --- Markets and Market Access --- Rural Development --- Specific-factors Model --- Trade
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Competition and efficiency is at the core of economic theory. This volume collects papers of leading scholars, which extend the conventional general equilibrium model in important ways: Efficiency and price regulation are studied when markets are incomplete and existence of equilibria in such settings is proven under very general preference assumptions. The model is extended to include geographical location choice, a commodity space incorporating manufacturing imprecision and preferences for club-membership, schools and firms. Inefficiencies arising from household externalities or group membership are evaluated. Core equivalence is shown for bargaining economies. The theory of risk aversion is extended and the relation between risk taking and wealth is experimentally investigated. Other topics include determinacy in OLG with cash-in-advance constraints, income distribution and democracy in OLG, learning in OLG and in games, optimal pricing of derivative securities, the impact of heterogeneity at the individual level for aggregate consumption, and adaptive contracting in view of uncertainty.
Economics, Mathematical. --- Equilibrium (Economics) --- DGE (Economics) --- Disequilibrium (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- SDGE (Economic theory) --- Economics --- Statics and dynamics (Social sciences) --- Mathematical economics --- Econometrics --- Mathematics --- Methodology --- Economic theory. --- Econometrics. --- Economic Theory/Quantitative Economics/Mathematical Methods. --- Economics, Mathematical --- Statistics --- Economic theory --- Political economy --- Social sciences --- Economic man
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Economics --- Equilibrium (Economics) --- Oligopolies --- Equilibre (Economie politique) --- Oligopoles --- Economic concentration --- Monopolies, Partial --- Partial monopolies --- Competition, Imperfect --- Interorganizational relations --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Stagnation (Economics) --- Statics and dynamics (Social sciences) --- Oligopolies. --- Equilibrium (Economics). --- DGE (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- SDGE (Economic theory) --- Equilibre économique. --- Oligopoles. --- Economisch evenwicht.
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V.A. Vasil’ev and E.B. Yanovskaya 1 Game theory in the USSR before 1990 In this introductory chapter ?rst a short historical information about the development of game theory in the USSR before the 1990s is given. It should help to understand the choice of the papers in this volume. The development of game theory in the USSR began in the early sixties. N.N.Vorob’ev (1925- 1995) was the author of the ?rst papers about game theory in Russian; he was also the leader of a group of PhD students and young researchers at Leningrad who studied this new ?eldinmathematics. The early papers by Vorob’ev on enumerating equilibrium points in - matrix games ([74]), coalitional games where a player may belong to di erent coalitions ([77] and [78]) and equivalence of di erent types of strategies in games in extensive form ([75] and [76]), were published in Soviet journals having English translations, and so they became known in the West. Later on, game theory in the USSR exhibited signi?cant progress, which deserved world-wide attention. However, many game-theoretic papers were published in Soviet journals and edited volumes which have never been translated into English. In the 1960s, the theory of zero-sum games was popular in the USSR.
Game theory. --- Equilibrium (Economics) --- Games, Theory of --- Theory of games --- Mathematical models --- Mathematics --- DGE (Economics) --- Disequilibrium (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- SDGE (Economic theory) --- Economics --- Statics and dynamics (Social sciences) --- Economic theory. --- Economic Theory/Quantitative Economics/Mathematical Methods. --- Economic theory --- Political economy --- Social sciences --- Economic man
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Keynesian economics --- Equilibrium (Economics) --- Keynésianisme --- Equilibre (Economie politique) --- keynes --- theories economiques --- economische theorieen --- Keynésianisme --- Post-Keynesian economics --- Schools of economics --- DGE (Economics) --- Disequilibrium (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- SDGE (Economic theory) --- Economics --- Statics and dynamics (Social sciences)
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This argues that it is really microeconomics' concern with the functioning of markets that underlies the theories which attempt to provide macroeconomics with microfoundations.
Equilibrium (Economics) --- Macroeconomics --- Microeconomics --- Equilibre (Economie politique) --- Macroéconomie --- Micro-économie --- Microeconomics. --- Macroeconomics. --- Equilibrium (Economics). --- Economic Theory --- Business & Economics --- Macroéconomie --- Micro-économie --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Price theory --- DGE (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- SDGE (Economic theory) --- Economics --- Statics and dynamics (Social sciences)
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The concept of equilibrium plays a central role in various applied sciences, such as physics (especially, mechanics), economics, engineering, transportation, sociology, chemistry, biology and other fields. If one can formulate the equilibrium problem in the form of a mathematical model, solutions of the corresponding problem can be used for forecasting the future behavior of very complex systems and, also, for correcting the the current state of the system under control. This book presents a unifying look on different equilibrium concepts in economics, including several models from r
Equilibrium (Economics). --- Variational inequalities (Mathematics) Equilibrium (Economics). --- Variational inequalities (Mathematics) --- Equilibrium (Economics) --- Calculus --- Mathematics --- Physical Sciences & Mathematics --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Inequalities, Variational (Mathematics) --- DGE (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- SDGE (Economic theory) --- Economics --- Statics and dynamics (Social sciences) --- Calculus of variations --- Differential inequalities --- Mathematical Sciences --- Applied Mathematics
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