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This book describes a series of laboratory experiments (witha total of 167 independent subjects) on forecastingbehavior. In all experiments, the time series to beforecasted was generated by an abstract econometric modelinvolving two or three artificial exogenous variables.

Generalizations of the classical concept of a convexfunction have been proposed in various fields such aseconomics, management science, engineering, statistics andapplied sciences during the second half of this century.

As soon as one sets about the making of a model of macroeconomic time series one has to choose which problems one will try to tackle oneself and which problems one will leave unresolved or to be solved by others.

This book contains a collection of the most significant contributions to some of R.M. The first part contains five papers which describe Goodwin's scientific life. The book presents a combination of both qualitative and quantitative contributions to Goodwin's pioneering works.

In the literature of decision analysis it is traditional to rely on the tools provided by probability theory to deal with problems in which uncertainty plays a substantive role. , n, in which X and Yare real-valued variables and Ai and Bi are fuzzy numbers exemplified by small, large, not very small, close to 5, etc.

interesting challenges The following chapters contain new models and new solution strategies which may be helpful for decision makers and for further research in the areas of production planning and operations research.

This book describes some models from the theory of investment which are mainly characterized by three features. For example, one decision means to undertake the invest *ment project in a planning period, whereas the other decision prescribes to postpone the project for at least one more period.

It is a common sense remark to say that the whole hierarchical decision process is coherent if the interactions between different levels in the hierarchy are taken into account so that a decision taken at some level in the hierarchy translates into a feasible objective for the next decision level in the hierarchy.

Think of the following situation: A project yielding a gross profit of 100 is offered to two firms. Each of both firms has an alternative project it conducts in case the joint project is not realized. The profitability of an allocation of the joint gross profit for a firm depends on the gross profit from its alternative project.

Economic theory of the last fifty years has been dominated by the paradigm of General Equilibrium Theory, based on the scientific work of Walras-Pareto-Cassel-Wald-Hicks-Arrow-De breu-McKenzie. Under these assumptions it is generally said that in a (one pe riod, competitive) general equilibrium model there is no place for money.

This monograph applies game theory models to the environmental problem of the greenhouse effect. It reviews intertemporal optimization models of environmental issues, discusses the issue of sustainability, and analyzes the difference between feedback and open-loop solutions.

There are many methods to solve the nonlinear system such as Newton's method, the homotopy method, and the simplicial method. Traditionally, the zero point and fixed point problem have been solved by iterative methods such as Newton's method and modifications thereof.

The conference was designed to bring together those mathematicians who were seriously interested in getting new challenging stimuli from economic theories with those economists who were seeking for effective mathematical weapons for their researches.

As large physical capital stock projects need long periods to be built, a time-to-build specification is incorporated in factor demand models. Time-to-build and adjustment costs dynamics are identified since by the first moving average dynamics, whereas by the latter autoregressive dynamics are induced.

As a new type of technique, simplicial methods have yielded extremely important contributions toward solutions of a system of nonlinear equations. Theoretical investigations and numerical tests have shown that the performance of simplicial methods depends critically on the triangulations underlying them.

46 4. 3 The effect of bankruptcy costs 4. 4 The effect of agency costs 58 4. 4 Multi-period models 63 4. 3 The effect of limited liability and the risk of default 4. 4 The effect of bankruptcy costs 70 4. 5 Conclusions 79 Appendix to chapter 4 82 83 5 Determinants from the practice of small business finance 83 5.

The structure of a Silverman game can be explained very quickly: Each of two players independently selects a number out of a prede termined set, not necessarily the same one for both of them. A field like game theory does not only need research on broad questions and fundamental issues, but also specialized work on re stricted topics.

One of the main reasons why nonlinear dynamic models are so interesting to economists is that they are able to produce a great variety of possible dynamic outcomes - from regular predictable behavior to the most complex irregular behavior - rich enough to meet the economists' objectives of modeling.

A general setting for evolutionary game theory 6 2. Finite number of strategies . . . . . Additional remarks . . . . . . . . . . . . . . . . . . . . . Evolutionary stability and solution concepts in classical game theory 30 3. Conditions for evolutionary stability based on the normal cone 31 3.

The main objective of this volume is to provide a presentation and discussion of recent developments in optimization and related fields. Equal emphasis is given to theoretical and practical fields. Topics covered include optimization and variational inequalities and control theory.

Stein Disenchantment with Keynesian econollics developed during the post-1968 period when the rate of growth of output declined, the rate of unemployment rose, and the rate of inflation increased in the U.S. and in other countries.

This book develops a general solution concept for strategic games which resolves strategic uncertainty completely. A long nontechnical introduction tries to survey and to discuss the more technical parts of the book. The book and especially the introduction provide firm and consistent guidance for scholars of game theory.

A critical examination of The prevailing orthodoxy according to which all macroeconomic theory should be reducible to microeconomics. The book provides a mathematical extension of the Lucas theory to allow for the effects of creation of knowledge upon economic development so as to improve the prediction of business cycle data.

Two features are combined in this book: the analysis of bargaining experiments and the development of axiomatic bargaining theories. The author describes bargaining experiments with different economic and ethical frames as well as developing axiomatic approaches to characterize the corresponding bargaining solutions.

In connection with this term the following questions directly arise: What is a good redistribution ? In doing so, Iwanted to indicate that it is not necessary to restrict oneself to income - or commodity taxes as is common place in public finance when aiming at redistribution.

Scope of the Book This book is a contribution to the area of "dynamic models of the firm". calculus of variations and dynamic programming to design and analyse dynamic models of the firm. - extends the stochastic dynamic theory of the firm by connecting it with a dynamic version of the Capital Asset Pricing Model.

In this book, production rules are studied for situations which share some important elements. The purpose is to find a simple production rule, which offers possibilities for a simple adaptation to the varying wishes or to additional complications.

This volume contains a selection of papers that were presented at the International Workshop on Dynamic Competitive Analysis, held in Montr6al, Canada, September 1-2, 1995.