Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Much of game theory is founded on the assumption that individual players are endowed with preferences that can be represented by a real-valued utility function. However, in reality human preferences are often not transitive. This is especially true for the indifference relation, which can lead an individual to make a series of choices which in their totality would be viewed as erroneous by the same individual. There is a substantial literature that raises intricate questions about individual liberty and the role of government intervention in such contexts. The aim of this paper is not to go into these ethical matters but to provide a formal structure for such analysis by characterizing games where individual preferences are quasi-transitive. The paper identifies a set of axioms which are sufficient for the existence of Nash equilibria in such 'games.'

Biodiversity --- Disease Control & Prevention --- Economic Theory & Research --- Education --- Environment --- Game Theory --- Health, Nutrition and Population --- Information and Communication Technologies --- Information Security and Privacy --- Macroeconomics and Economic Growth --- Nash Equilibrium --- Pareto Improvement --- Quasi-Transitive Preferences --- Teaching and Learning --- Utility Functions

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Game theory provides useful insights into the way parties that share a scarce resource may plan their use of the resource under different situations. This review provides a brief and self-contained introduction to the theory of cooperative games. It can be used to get acquainted with the basics of cooperative games. Its goal is also to provide a basic introduction to this theory, in connection with a couple of surveys that analyze its use in the context of environmental problems and models. The main models (bargaining games, transfer utility, and non-transfer utility games) and issues and solutions are considered: bargaining solutions, single-value solutions like the Shapley value and the nucleolus, and multi-value solutions such as the core. The cooperative game theory (CGT) models that are reviewed in this paper favor solutions that include all possible players and ignore the strategic stages leading to coalition building. They focus on the possible results of the cooperation by answering questions such as: Which coalitions can be formed? And how can the coalitional gains be divided to secure a sustainable agreement? An important aspect associated with the solution concepts of CGT is the equitable and fair sharing of the cooperation gains.

Economic Theory and Research --- Economics --- Efficiency --- Environment --- Environmental --- Environmental Amenities --- Environmental Economics and Policies --- Environmental Issues --- Environmental Problems --- Environmental Resources --- Equity --- Expectations --- Labor Policies --- Macroeconomics and Economic Growth --- Models --- Natural Resources --- Outcomes --- Production --- Property --- Social Protections and Labor --- Supply --- Taking --- Utility Functions --- Values --- Water

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

At present, computational methods have received considerable attention in economics and finance as an alternative to conventional analytical and numerical paradigms. This Special Issue brings together both theoretical and application-oriented contributions, with a focus on the use of computational techniques in finance and economics. Examined topics span on issues at the center of the literature debate, with an eye not only on technical and theoretical aspects but also very practical cases.

growth optimal portfolio --- Wishart model --- conditional Value-at-Risk (CoVaR) --- systemic risk --- utility functions --- current drawdown --- risk measure --- risk-based portfolios --- capital market pricing model --- systemic risk measures --- Big Data --- International Financial Reporting Standard 9 --- cartography --- stock prices --- copula models --- CoVaR --- quantitative risk management --- auto-regressive --- fractional Kelly allocation --- independence assumption --- deep learning --- structural models --- financial regulation --- data science --- efficient frontier --- weighted logistic regression --- estimation error --- financial markets --- capital allocation --- multi-step ahead forecasts --- target matrix --- value at risk --- random matrices --- credit risk --- portfolio theory --- convex programming --- admissible convex risk measures --- non-stationarity --- financial mathematics --- quantile regression --- Markowitz portfolio theory --- shrinkage --- loss given default --- ordered probit

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

"The concept of general equilibrium, one of the central components of economic theory, explains the behavior of supply, demand, and prices by showing that supply and demand exist in balance through pricing mechanisms. The mathematical tools and properties for this theory have developed over time to accommodate and incorporate developments in economic theory, from multiple markets and economic agents to theories of production.Yves Balasko offers an extensive, up-to-date look at the standard theory of general equilibrium, to which he has been a major contributor. This book explains how the equilibrium manifold approach can be usefully applied to the general equilibrium model, from basic consumer theory and exchange economies to models with private ownership of production. Balasko examines properties of the standard general equilibrium model that are beyond traditional existence and optimality. He applies the theory of smooth manifolds and mappings to the multiplicity of equilibrium solutions and related discontinuities of market prices. The economic concepts and differential topology methods presented in this book are accessible, clear, and relevant, and no prior knowledge of economic theory is necessary.The General Equilibrium Theory of Value offers a comprehensive foundation for the most current models of economic theory and is ideally suited for graduate economics students, advanced undergraduates in mathematics, and researchers in the field"--

Microeconomics --- Value --- Equilibrium (Economics) --- AA / International- internationaal --- 330.01 --- 380.1 --- Theorie van het economisch evenwicht. --- Waardeleer. --- Standard of value --- Cost --- Economics --- Exchange --- Wealth --- Prices --- Supply and demand --- DGE (Economics) --- Disequilibrium (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- SDGE (Economic theory) --- Statics and dynamics (Social sciences) --- Theorie van het economisch evenwicht --- Waardeleer --- E-books --- Value. --- Jacobian matrix. --- Slutsky matrices. --- Walras law. --- aggregate excess demand. --- budget constraint. --- classical consumer theory. --- competitive markets. --- constant returns. --- constrained utility maximization. --- consumer demand. --- consumer preferences. --- consumer theory. --- consumers. --- consumption. --- decreasing returns. --- demand functions. --- demand. --- economic agents. --- economic theory. --- economy. --- equilibrium manifold. --- equilibrium solutions. --- exchange model. --- firm. --- firms. --- general equilibrium model. --- general equilibrium models. --- general equilibrium. --- global coordinate system. --- linear spaces. --- maximization. --- modern economies. --- natural projection. --- net supply correspondence. --- no-trade equilibria. --- no-trade equilibrium. --- prices. --- pricing mechanisms. --- private owership. --- private ownership. --- privately owned firms. --- production set. --- production. --- profits. --- properness. --- regular economies. --- revealed preferences. --- scale firms. --- scale forms. --- smooth manifold. --- smooth manifolds. --- smooth production. --- standard model. --- supply functions. --- supply. --- utility functions. --- utility maximization.

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Subsidies and cross-subsidies in the energy sector are common throughout Eastern Europe and Central Asia. In Belarus, revenues from an industrial tariff on electricity are used to cross-subsidize heating for households. Input-output (IO) data and a household consumption survey are used to analyze the distributional impacts of this cross-subsidization. This paper illustrates cost shares and electricity-intensity of different sectors and consumption categories and uses the IO data to obtain first-order estimates of the distributional incidence of policy reform. The paper then analyzes distributional impacts of subsidy reform with a Computable General Equilibrium model. Although poorer households benefit from reduced heating costs, the increase in prices of other consumer goods due to higher electricity prices more than offsets the benefits they receive from the subsidies. The analysis finds that the current cross-subsidies are regressive, and policy reform would be highly progressive.

Agriculture --- Approach --- Banking --- Benchmark --- Benchmark data --- Capital --- Capital returns --- Commodities --- Commodity --- Communication --- Competition --- Consumer demand --- Consumer good --- Consumer goods --- Consumer groups --- Consumer prices --- Consumers --- Consumption --- Cost increase --- Cost of electricity --- Cost of funds --- Costs --- Customer --- Customers --- Demand --- Developing economy --- Development policy --- Distribution --- District heating --- Domestic market --- Domestic price --- Economic cooperation --- Economic development --- Economic statistics --- Economic systems --- Economic theory & research --- Economics literature --- Elasticity --- Elasticity of substitution --- Electricity --- Electricity prices --- Emerging markets --- Energy --- Energy price --- Energy prices --- Energy production and transportation --- Equilibrium --- Equilibrium analysis --- Equilibrium price --- Equilibrium prices --- Exchange --- Expenditure --- Expenditures --- Export market --- Exports --- Externalities --- Factors of production --- Foreign exchange --- Fossil --- Fossil fuel --- Fuel --- Fuels --- Functional forms --- General equilibrium analysis --- Goods --- Heat --- Household analysis --- Income --- Income group --- Income groups --- Income levels --- Incomes --- Inputs --- Intermediate goods --- International markets --- Inventory --- Macroeconomics and economic growth --- Marginal cost --- Market --- Markets --- Markets & market access --- Multipliers --- Natural resources --- Oil --- Oil products --- Optimization --- Output --- Outputs --- Payments --- Perfect competition --- Price --- Price change --- Price changes --- Price index --- Price levels --- Prices --- Pricing --- Pricing policy --- Pricing scheme --- Private sector development --- Product --- Production --- Production costs --- Production function --- Production functions --- Production increases --- Production of coke --- Production structure --- Products --- Rate of return --- Real estate --- Rent --- Residential energy --- Revenue --- Savings --- Share --- Shares --- Subsidies --- Subsidization --- Subsidy --- Substitute --- Substitutes --- Substitution --- Supply --- Supply costs --- Tariff --- Tax --- Tax rate --- Tax rates --- Taxes --- Theory --- Total output --- Trade --- Transition economies --- Transport --- Transport economics policy and planning --- Trends --- Utility --- Utility functions --- Value --- Value added --- Variables --- Wealth --- Welfare