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This paper measures the economic impact of social pressure to share income with kin and neighbors in rural Kenyan villages. The authors conduct a lab experiment in which they randomly vary the observability of investment returns. The goal is to test whether subjects reduce their income in order to keep it hidden. The analysis finds that women adopt an investment strategy that conceals the size of their initial endowment in the experiment, although that strategy reduces their expected earnings. This effect is largest among women with relatives attending the experiment. Parameter estimates suggest that women behave as though they expect to be pressured to share four percent of their observable income with others, and substantially more when close kin can observe income directly. Although this paper provides experimental evidence from a single African country, observational studies suggest that similar pressure from kin may be prevalent in many rural areas throughout Sub-Saharan Africa.
Debt Markets --- Economic Theory & Research --- Emerging Markets --- Investment and Investment Climate --- Investment returns --- Investment strategy --- Labor Policies --- Mutual insurance arrangements --- Public Sector Development --- Risk-pooling arrangements --- Social Development --- Social pressure
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This paper measures the economic impact of social pressure to share income with kin and neighbors in rural Kenyan villages. The authors conduct a lab experiment in which they randomly vary the observability of investment returns. The goal is to test whether subjects reduce their income in order to keep it hidden. The analysis finds that women adopt an investment strategy that conceals the size of their initial endowment in the experiment, although that strategy reduces their expected earnings. This effect is largest among women with relatives attending the experiment. Parameter estimates suggest that women behave as though they expect to be pressured to share four percent of their observable income with others, and substantially more when close kin can observe income directly. Although this paper provides experimental evidence from a single African country, observational studies suggest that similar pressure from kin may be prevalent in many rural areas throughout Sub-Saharan Africa.
Debt Markets --- Economic Theory & Research --- Emerging Markets --- Investment and Investment Climate --- Investment returns --- Investment strategy --- Labor Policies --- Mutual insurance arrangements --- Public Sector Development --- Risk-pooling arrangements --- Social Development --- Social pressure
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This volume, consisting of papers presented at a conference held at Williamsburg, Va., 2-3 April 1981, is a progress report on the National Bureau of Economic Research project, The Changing Roles of Debt and Equity in Financing U.S. Capital Formation. The National Bureau has undertaken this project-including the conference, the research described in this volume, and the publication of the volume itself-with the support of the American Council of Life Insurance.
Saving and investment --- Capital market --- Corporations --- Finance --- risk, return, equity returns, debt, resource utilization, inflation, investment strategy, economics, nonfiction, economy, capital formation, financing, balance sheets, manufacturing, pensions, corporations, economic activity, saving, life insurance, business, growth, success, conference proceedings, banking, labor market, employment.
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Stochastic mechanics is a description of quantum phenomena in classical probabilistic terms. This work contains a detailed account of the kinematics of diffusion processes, including diffusions on curved manifolds which are necessary for the treatment of spin in stochastic mechanics. The dynamical equations of the theory are derived from a variational principle, and interference, the asymptotics of free motion, bound states, statistics, and spin are described in classical terms. In addition to developing the formal mathematical aspects of the theory, the book contains discussion of possible physical causes of quantum fluctuations in terms of an interaction with a background field. The author gives a critical analysis of stochastic mechanics as a candidate for a realistic theory of physical processes, discussing measurement, local causality in the sense of Bell, and the failure of the theory in its present form to satisfy locality.
Diffusion processes. --- Quantum field theory. --- Stochastic processes. --- Markov processes --- Random processes --- Probabilities --- Relativistic quantum field theory --- Field theory (Physics) --- Quantum theory --- Relativity (Physics) --- Bopp-Haag equation. --- Compton wavelength. --- Dankel equation. --- Feynman-Kac formula. --- Fourier transform. --- Gaussian slit. --- Guerra. --- Kappler. --- Kochen. --- Loffredo. --- Morato. --- Ornstein-Uhlenbeck theory. --- Pauli equation. --- Yasue. --- acceleration. --- background field hypothesis. --- conditioned process. --- dissipative dynamics. --- electromagnetism. --- harmonic oscillator. --- hidden variables. --- imaginary time. --- investment strategy. --- locality theorem. --- moment of inertia. --- neighboring point. --- nodes. --- osmotic equation. --- relaxation time. --- scattering theory.
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"Half of all Americans have money in the stock market, yet economists can’t agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist—the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency is incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo’s new paradigm explains how financial evolution shapes behavior and markets at the speed of thought—a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. An ambitious new answer to fundamental questions about economics and investing, Adaptive Markets is essential reading for anyone who wants to understand how markets really work." -- Publisher's description.
Investments --- Stock exchanges. --- Efficient market theory. --- Psychological aspects. --- Market theory, Efficient --- Capital market --- Stock exchanges --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Efficient market theory --- Speculation --- Adaptive market hypothesis. --- Arbitrage. --- Asset. --- Bank run. --- Bank. --- Behavior. --- Behavioral economics. --- Biology. --- Broker-dealer. --- Calculation. --- Career. --- Central bank. --- Competition. --- Cryptocurrency. --- Currency. --- Customer. --- Debt. --- Decision-making. --- Economics. --- Economist. --- Ecosystem. --- Efficient-market hypothesis. --- Employment. --- Entrepreneurship. --- Equity Market. --- Evolution. --- Finance. --- Financial crisis of 2007–08. --- Financial crisis. --- Financial economics. --- Financial innovation. --- Financial institution. --- Financial services. --- Financial technology. --- Forecasting. --- Fraud. --- Funding. --- Hedge Fund Manager. --- Hedge fund. --- Heuristic. --- Homo economicus. --- Human behavior. --- Incentive. --- Income. --- Insider. --- Insurance. --- Interest rate. --- Investment strategy. --- Investment. --- Investor. --- Leverage (finance). --- Macroeconomics. --- Margin (finance). --- Market (economics). --- Market Dynamics. --- Market liquidity. --- Market maker. --- Market price. --- Market trend. --- Myron Scholes. --- Narrative. --- Paul Samuelson. --- Ponzi scheme. --- Portfolio manager. --- Prediction. --- Prefrontal cortex. --- Probability matching. --- Probability. --- Psychology. --- Random walk hypothesis. --- Rational expectations. --- Rationality. --- Result. --- Risk aversion. --- Risk management. --- S&P 500 Index. --- Salary. --- Saving. --- Scientist. --- Share price. --- Sociobiology. --- Speculation. --- Stock market crash. --- Stock market. --- Supply (economics). --- Systemic risk. --- Technology. --- The Wisdom of Crowds. --- Theory. --- Thought experiment. --- Thought. --- Time series. --- Trade-off. --- Trader (finance). --- Trading strategy. --- Uncertainty. --- Venture capital. --- Warren Buffett. --- Wealth. --- Year.
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Sustainable industrial engineering addresses the sustainability issue from economic, environmental, and social points of view. Its application fields are the whole value chain and lifecycle of products/services, from the development to the end-of-life stages. This book aims to address many of the challenges faced by industrial organizations and supply chains to become more sustainable through reinventing their processes and practices, by continuously incorporating sustainability guidelines and practices in their decisions, such as circular economy, collaboration with suppliers and customers, using information technologies and systems, tracking their products’ life-cycle, using optimization methods to reduce resource use, and to apply new management paradigms to help mitigate many of the wastes that exist across organizations and supply chains. This book will be of interest to the fast-growing body of academics studying and researching sustainability, as well as to industry managers involved in sustainability management.
Technology: general issues --- information and communication technologies --- green supply chain --- update and sustainable --- sustainability --- green degree --- game model --- sustainable supplier selection --- DEMATEL --- ANP --- fuzzy VIKOR --- IVTFN --- hybrid information aggregation --- TBL theory --- energy intensity --- income --- education --- eco-efficiency --- circular economy --- equipment development task --- foreseeable rework --- hidden rework --- uncertainty --- complexity --- blockchain --- supply chain --- use cases --- applications --- quality level --- reliability demonstration test --- Bayesian approach --- conjugacy --- beta-binomial distribution --- sequential sampling --- one-shot devices --- finite population --- express delivery service --- last mile delivery --- pricing --- collaboration --- market share --- reverse supply chain --- collection strategy --- waste mobile phones --- evolutionary game theory --- evolution mechanism --- reward-penalty mechanism --- ammunition incineration --- down-cycling --- energetic material recycling --- industrial ecology --- life-cycle assessment --- cap-and-trade --- production --- carbon emissions reduction --- consumers’ environmental preferences --- newsvendor model --- Lean Manufacturing --- Industry 4.0 --- economic --- environmental --- and social --- structure equations modeling --- sustainable global supply chain --- single- and multi-objective optimization method --- sustainability design constraint --- software application --- real case study --- pulp and paper industry --- comparative index --- cross-country analysis --- JIT implementation --- suppliers in JIT --- operational benefits --- human factor in JIT --- material flow --- structural equation model --- carbon credit --- environmental cost accounting --- pyrolysis --- solid waste --- vendor selection --- product life cycle --- multi-objective linear programming --- multi-choice goal programming --- additive manufacturing --- social change --- social impacts --- 3D printing --- rapid prototyping --- recycling investment strategy --- demand uncertainty --- Stochastic nonlinear Programming --- Monte-Carlo based sample average approximation method --- memetic algorithm --- industrial symbiosis --- potential industrial symbiosis --- eco-industrial parks --- sustainable supply chain management --- research methods --- scientific production --- metrics --- indicators
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Written by one of the leading experts in the field, this book focuses on the interplay between model specification, data collection, and econometric testing of dynamic asset pricing models. The first several chapters provide an in-depth treatment of the econometric methods used in analyzing financial time-series models. The remainder explores the goodness-of-fit of preference-based and no-arbitrage models of equity returns and the term structure of interest rates; equity and fixed-income derivatives prices; and the prices of defaultable securities. Singleton addresses the restrictions on t
Capital assets pricing model. --- Pricing --- Econometric models. --- Arbitrage. --- Asymptotic distribution. --- Autocorrelation. --- Autocovariance. --- Autoregressive conditional heteroskedasticity. --- Bayesian inference. --- Bayesian probability. --- Bond Yield. --- Capital asset pricing model. --- Central limit theorem. --- Collateral Value. --- Conditional expectation. --- Conditional probability distribution. --- Conditional variance. --- Consistent estimator. --- Correlation and dependence. --- Covariance function. --- Covariance matrix. --- Credit risk. --- Credit spread (options). --- Discount function. --- Discrete time and continuous time. --- Doubly stochastic model. --- Dynamic pricing. --- Econometric model. --- Economic equilibrium. --- Economics. --- Equity premium puzzle. --- Ergodic process. --- Estimation theory. --- Estimation. --- Estimator. --- Expectations hypothesis. --- Expected value. --- Forecasting. --- Forward price. --- Forward rate. --- General equilibrium theory. --- Generalized method of moments. --- High-yield debt. --- Inference. --- Interest rate risk. --- Interest rate. --- Investment Horizon. --- Investment strategy. --- Investor. --- Joint probability distribution. --- LIBOR market model. --- Leverage (finance). --- Likelihood function. --- Liquidity premium. --- Liquidity risk. --- Margin (finance). --- Marginal rate of substitution. --- Marginal utility. --- Market Risk Premium. --- Market capitalization. --- Market liquidity. --- Market portfolio. --- Market price. --- Market value. --- Markov model. --- Markov process. --- Mathematical finance. --- Monetary policy. --- Objective Probability. --- Option (finance). --- Parameter. --- Partial equilibrium. --- Portfolio insurance. --- Precautionary savings. --- Predictability. --- Preference (economics). --- Present value. --- Price index. --- Pricing. --- Principal component analysis. --- Probability. --- Real interest rate. --- Repurchase agreement. --- Revaluation of fixed assets. --- Risk aversion. --- Risk management. --- Risk premium. --- Skewness. --- Special case. --- Standard deviation. --- State variable. --- Statistic. --- Stochastic differential equation. --- Stochastic volatility. --- Supply (economics). --- Time series. --- Underlying Security. --- Utility maximization problem. --- Utility. --- Variable (mathematics). --- Vector autoregression. --- Yield curve. --- Yield spread.
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Sustainable industrial engineering addresses the sustainability issue from economic, environmental, and social points of view. Its application fields are the whole value chain and lifecycle of products/services, from the development to the end-of-life stages. This book aims to address many of the challenges faced by industrial organizations and supply chains to become more sustainable through reinventing their processes and practices, by continuously incorporating sustainability guidelines and practices in their decisions, such as circular economy, collaboration with suppliers and customers, using information technologies and systems, tracking their products’ life-cycle, using optimization methods to reduce resource use, and to apply new management paradigms to help mitigate many of the wastes that exist across organizations and supply chains. This book will be of interest to the fast-growing body of academics studying and researching sustainability, as well as to industry managers involved in sustainability management.
information and communication technologies --- green supply chain --- update and sustainable --- sustainability --- green degree --- game model --- sustainable supplier selection --- DEMATEL --- ANP --- fuzzy VIKOR --- IVTFN --- hybrid information aggregation --- TBL theory --- energy intensity --- income --- education --- eco-efficiency --- circular economy --- equipment development task --- foreseeable rework --- hidden rework --- uncertainty --- complexity --- blockchain --- supply chain --- use cases --- applications --- quality level --- reliability demonstration test --- Bayesian approach --- conjugacy --- beta-binomial distribution --- sequential sampling --- one-shot devices --- finite population --- express delivery service --- last mile delivery --- pricing --- collaboration --- market share --- reverse supply chain --- collection strategy --- waste mobile phones --- evolutionary game theory --- evolution mechanism --- reward-penalty mechanism --- ammunition incineration --- down-cycling --- energetic material recycling --- industrial ecology --- life-cycle assessment --- cap-and-trade --- production --- carbon emissions reduction --- consumers’ environmental preferences --- newsvendor model --- Lean Manufacturing --- Industry 4.0 --- economic --- environmental --- and social --- structure equations modeling --- sustainable global supply chain --- single- and multi-objective optimization method --- sustainability design constraint --- software application --- real case study --- pulp and paper industry --- comparative index --- cross-country analysis --- JIT implementation --- suppliers in JIT --- operational benefits --- human factor in JIT --- material flow --- structural equation model --- carbon credit --- environmental cost accounting --- pyrolysis --- solid waste --- vendor selection --- product life cycle --- multi-objective linear programming --- multi-choice goal programming --- additive manufacturing --- social change --- social impacts --- 3D printing --- rapid prototyping --- recycling investment strategy --- demand uncertainty --- Stochastic nonlinear Programming --- Monte-Carlo based sample average approximation method --- memetic algorithm --- industrial symbiosis --- potential industrial symbiosis --- eco-industrial parks --- sustainable supply chain management --- research methods --- scientific production --- metrics --- indicators
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"Bruce Carruthers organizes his analysis around different types of credit, offering a roughly chronological discussion of each. The U.S. has always had an economy based on promises, but the manner in which questions about trust and trustworthiness have been posed and answered has evolved in important ways. Their evolution and expansion undergirded the rise of the modern credit economy, but it wasn't a smooth ride forward. Financial crises signalled the widespread collapse of promises, and a collective disbelief in their credibility. Frequently, these collapses motivated public and private attempts to build new institutional scaffolding in support of promises: the 1837 crisis prompted the development of credit ratings; the depression of the 1890s justified passage of a permanent bankruptcy law; the 1907 crisis led to the establishment of the Federal Reserve System; and the Great Depression led to a multitude of public policies in support of financial promises. At various points, political groups perceived the financial system to be deeply unfair, one that privileged some over others. During the 1880s and 1890s, agrarian groups and populists attacked a monetary and banking system that failed to give them adequate credit. During the 1960s and 1970s, women and minorities criticized a discriminatory financial system that denied them full access to consumer and mortgage credit. In The Economy of Promises, Carruthers describes the changes that have occurred, spell out their implications, and explain their significance"--
Credit --- Trust --- History. --- Economic aspects. --- Asset. --- Bank charge. --- Bank. --- Bond (finance). --- Business model. --- Capital adequacy ratio. --- Capital employed. --- Capital expenditure. --- Capital intensity. --- Cash crop. --- Cash flow. --- Commerce Clause. --- Commercial Credit. --- Commodity market. --- Commodity. --- Competition (economics). --- Consumerism. --- Credit (finance). --- Credit Insurance. --- Credit risk. --- Creditor. --- Crony capitalism. --- Currency. --- Current Price. --- Debt limit. --- Debt. --- Debtor. --- Diversification (finance). --- Economic Life. --- Economic development. --- Economic forecasting. --- Economic indicator. --- Economic interventionism. --- Economic policy. --- Economic sector. --- Economics. --- Economy of the United States. --- Economy. --- Employment. --- Exchange rate. --- Fee Income. --- Financial capital. --- Financial inclusion. --- Financial institution. --- Financial instrument. --- Financial intermediary. --- Financial services. --- Financial statement. --- Financial technology. --- Financier. --- Floating interest rate. --- Gross (economics). --- Gross Earnings. --- Gross domestic product. --- Guaranteed Loan. --- Income. --- Inflation. --- Insider Lending. --- Interest rate. --- Investment fund. --- Investment strategy. --- Investor. --- Margin (finance). --- Mark-to-market accounting. --- Market liquidity. --- Market price. --- Market rate. --- Market value. --- Mass production. --- Measures of national income and output. --- Monetarism. --- Money market account. --- Money market. --- Mortgage loan. --- Net capital rule. --- Net income. --- Payment. --- Policy. --- Price index. --- Pricing. --- Prime rate. --- Public finance. --- Purchase Price. --- Purchasing power. --- Rate of profit. --- Rate of return. --- Real interest rate. --- Relative value (economics). --- Repayment. --- Revenue bond. --- Securitization. --- Shareholder. --- Subsidy. --- Supply-side economics. --- Tax bracket. --- Tax reform. --- Trade credit. --- Value (economics). --- Working capital. --- World economy.
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Sustainable industrial engineering addresses the sustainability issue from economic, environmental, and social points of view. Its application fields are the whole value chain and lifecycle of products/services, from the development to the end-of-life stages. This book aims to address many of the challenges faced by industrial organizations and supply chains to become more sustainable through reinventing their processes and practices, by continuously incorporating sustainability guidelines and practices in their decisions, such as circular economy, collaboration with suppliers and customers, using information technologies and systems, tracking their products’ life-cycle, using optimization methods to reduce resource use, and to apply new management paradigms to help mitigate many of the wastes that exist across organizations and supply chains. This book will be of interest to the fast-growing body of academics studying and researching sustainability, as well as to industry managers involved in sustainability management.
Technology: general issues --- information and communication technologies --- green supply chain --- update and sustainable --- sustainability --- green degree --- game model --- sustainable supplier selection --- DEMATEL --- ANP --- fuzzy VIKOR --- IVTFN --- hybrid information aggregation --- TBL theory --- energy intensity --- income --- education --- eco-efficiency --- circular economy --- equipment development task --- foreseeable rework --- hidden rework --- uncertainty --- complexity --- blockchain --- supply chain --- use cases --- applications --- quality level --- reliability demonstration test --- Bayesian approach --- conjugacy --- beta-binomial distribution --- sequential sampling --- one-shot devices --- finite population --- express delivery service --- last mile delivery --- pricing --- collaboration --- market share --- reverse supply chain --- collection strategy --- waste mobile phones --- evolutionary game theory --- evolution mechanism --- reward-penalty mechanism --- ammunition incineration --- down-cycling --- energetic material recycling --- industrial ecology --- life-cycle assessment --- cap-and-trade --- production --- carbon emissions reduction --- consumers’ environmental preferences --- newsvendor model --- Lean Manufacturing --- Industry 4.0 --- economic --- environmental --- and social --- structure equations modeling --- sustainable global supply chain --- single- and multi-objective optimization method --- sustainability design constraint --- software application --- real case study --- pulp and paper industry --- comparative index --- cross-country analysis --- JIT implementation --- suppliers in JIT --- operational benefits --- human factor in JIT --- material flow --- structural equation model --- carbon credit --- environmental cost accounting --- pyrolysis --- solid waste --- vendor selection --- product life cycle --- multi-objective linear programming --- multi-choice goal programming --- additive manufacturing --- social change --- social impacts --- 3D printing --- rapid prototyping --- recycling investment strategy --- demand uncertainty --- Stochastic nonlinear Programming --- Monte-Carlo based sample average approximation method --- memetic algorithm --- industrial symbiosis --- potential industrial symbiosis --- eco-industrial parks --- sustainable supply chain management --- research methods --- scientific production --- metrics --- indicators --- information and communication technologies --- green supply chain --- update and sustainable --- sustainability --- green degree --- game model --- sustainable supplier selection --- DEMATEL --- ANP --- fuzzy VIKOR --- IVTFN --- hybrid information aggregation --- TBL theory --- energy intensity --- income --- education --- eco-efficiency --- circular economy --- equipment development task --- foreseeable rework --- hidden rework --- uncertainty --- complexity --- blockchain --- supply chain --- use cases --- applications --- quality level --- reliability demonstration test --- Bayesian approach --- conjugacy --- beta-binomial distribution --- sequential sampling --- one-shot devices --- finite population --- express delivery service --- last mile delivery --- pricing --- collaboration --- market share --- reverse supply chain --- collection strategy --- waste mobile phones --- evolutionary game theory --- evolution mechanism --- reward-penalty mechanism --- ammunition incineration --- down-cycling --- energetic material recycling --- industrial ecology --- life-cycle assessment --- cap-and-trade --- production --- carbon emissions reduction --- consumers’ environmental preferences --- newsvendor model --- Lean Manufacturing --- Industry 4.0 --- economic --- environmental --- and social --- structure equations modeling --- sustainable global supply chain --- single- and multi-objective optimization method --- sustainability design constraint --- software application --- real case study --- pulp and paper industry --- comparative index --- cross-country analysis --- JIT implementation --- suppliers in JIT --- operational benefits --- human factor in JIT --- material flow --- structural equation model --- carbon credit --- environmental cost accounting --- pyrolysis --- solid waste --- vendor selection --- product life cycle --- multi-objective linear programming --- multi-choice goal programming --- additive manufacturing --- social change --- social impacts --- 3D printing --- rapid prototyping --- recycling investment strategy --- demand uncertainty --- Stochastic nonlinear Programming --- Monte-Carlo based sample average approximation method --- memetic algorithm --- industrial symbiosis --- potential industrial symbiosis --- eco-industrial parks --- sustainable supply chain management --- research methods --- scientific production --- metrics --- indicators
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