This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.
This companion volume to Shubik's masterful "Game Theory in the Social Sciences "sketches a unification of several branches of political economy on the basis of the theory of games. In five parts it covers basic factors that make economic decision making different from properties of economic goods, money, and wealth - static, one-sided, open model of oligopolistic competition; cooperative models of closed economic systems; strategic models of closed economic systems, and externalities and public goods. This final section explores a number of applications, including land ownership, voting, and the assignment of joint costs. The book concludes with an outline of a series of games within a game as a portrayal of a politico-economic process in a democratic society with a two-party system and public and private sectors. The approach adopted points the way toward a possible reconciliation of micro-and macroeconomics and an integration of economic, political, and sociological descriptions in the study of the short-term function of the state. Martin Shubik is Seymour H. Knox Professor of Mathematical Institutional Economics at Yale University.
The Aggressive Conservative Investor will never go out of date. Regulation, disclosure, and other things may change, but the general approach and mindset to successful investing are timeless. Read this book and you will learn the rudiments of 'safe and cheap' investing. An essential read for every amateur and professional investor." --Stan Garstka, Deputy Dean & Professor in the Practice of Faculty & Management, Yale School of Management "Security analysis toward both better odds and higher long-term payoff: A readable, authoritative guide." --Professor Bill Baumol, New York University "In reading this book, one is struck by the simplicity of the ideas and the dependence of the investor on his own understandings of reality as opposed to the myths on the street. The updated version of this 1979 classic incorporates all the modern financial engineering that has occurred as a product of the late 20th century, and the new methodologies refine your abilities to measure risk but don't change the fundamentals of value. The updated version of The Aggressive Conservative Investor is very much a value-added proposition." --Sam Zell, Chairman, Equity Group Investment LLC "I concur with those people who regard Marty Whitman as the 'Dean of Value Investing.' This book is a must-read for everyone interested in understanding the art of investing." --Melvin T. Stith, Dean, Whitman School of Management, Syracuse University This no-holds-barred presentation of one of the most successful investment strategies of all time -- value investing in distressed securities/companie -- shows you how to analyze and evaluate stocks just like controlling owners. Based on the assumption that stock price rarely reflects real value, authors Whitman and Shubik use numerous case studies to present risk-minimizing methods that also provide high rewards. Still relevant today, this classic work includes a new introduction discussing the dramatic changes that have taken place in the value investing world since its first publication in 1979.
A Course in Game Theory presents the main ideas of game theory at a level suitable for graduate students and advanced undergraduates, emphasizing the theory's foundations and interpretations of its basic concepts. The authors provide precise definitions and full proofs of results, sacrificing generalities and limiting the scope of the material in order to do so. The text is organized in four parts: strategic games, extensive games with perfect information, extensive games with imperfect information, and coalitional games. It includes over 100 exercises.
Models in Microeconomic Theory covers basic models in current microeconomic theory. Part I (Chapters 1-7) presents models of an economic agent, discussing abstract models of preferences, choice, and decision making under uncertainty, before turning to models of the consumer, the producer, and monopoly. Part II (Chapters 8-14) introduces the concept of equilibrium, beginning, unconventionally, with the models of the jungle and an economy with indivisible goods, and continuing with models of an exchange economy, equilibrium with rational expectations, and an economy with asymmetric information. Part III (Chapters 15-16) provides an introduction to game theory, covering strategic and extensive games and the concepts of Nash equilibrium and subgame perfect equilibrium. Part IV (Chapters 17-20) gives a taste of the topics of mechanism design, matching, the axiomatic analysis of economic systems, and social choice. The book focuses on the concepts of model and equilibrium. It states models and results precisely, and provides proofs for all results. It uses only elementary mathematics (with almost no calculus), although many of the proofs involve sustained logical arguments. It includes about 150 exercises. With its formal but accessible style, this textbook is designed for undergraduate students of microeconomics at intermediate and advanced levels.
This book provides a comprehensive, modern, and self-contained account of the research in the growing area of family economics. It is intended for graduate students in economics and for researchers in other fields interested in the economic approach to the family.
Martin Latz's Gain the Edge! is the best book I've ever read on negotiation strategy. If you negotiate for a living or only occasionally, Latz gives you the tools and tactics to succeed before you sit down at the table. Whether it's negotiating Randy Johnson's contract or the purchase of your next car, Gain the Edge! is clear, concise, and unfailingly useful." --Jerry Colangelo, Chairman and CEO, Arizona Diamondbacks and Phoenix Suns There's always more to learn about negotiation. That one new strategy or tactic you gain from this book may make the difference between your walking away a winner and leaving empty-handed. The margin of difference can be infinitesimal, yet the ramifications are often huge. Negotiating a new salary? Buying a car or a house? Closing a deal with a big client? Discussing where to vacation with your spouse? We negotiate every day. Yet most of us negotiate instinctively and don't give the process the strategic attention it deserves. We suffer as a result. Now negotiation expert Martin E. Latz reveals an easy-to-use strategic template you can use in every negotiation. This is not ivory-tower advice, or advice just based on instincts and experience: The tactics and techniques here come from the most up-to-date research and the knowledge Latz has developed in negotiating on the White House Advance Teams, from consulting with top executives at Fortune 500 companies and law firms nationwide, and from teaching thousands of business professionals and lawyers how to negotiate more effectively. The result is a comprehensive guide that takes you all the way from general strategies and principles--Latz's Five Golden Rules of Negotiation--to specific tips, techniques, and even phrases you can use at the table. Gain the Edge! will arm you with: * Practical strategies to get the information you need before you sit down at the table * Tactics to maximize your leverage when seemingly powerless * Secrets to success in emotionally charged negotiations * A step-by-step system to design the most effective offer-concession strategy * Ways to deal with different personality types, ethics, and negotiation "games" * Specific advice on how to negotiate for your next salary, car, or house * Negotiating tips for other business and personal matters Leave behind instinctive negotiating and its inherent uncertainties. Learn to negotiate strategically. Easy to understand and instantly applicable to real-life situations, Gain the Edge! is the ultimate how-to guide for anyone looking to master this critical subject.
This volume surveys the chemistry and cancer-causing properties of the polycyclic hydrocarbons benzo[a]pyrene and benzo[e]pyrene. Benzo[a]pyrene is a pollutant formed whenever organic matter is burnt: it occurs in soot, tar, cigarette smoke and automobile exhaust, and in small amounts in the atmosphere, in water and in soil. It produces cancer in small mammals and is probably also carcinogenic in humans. It has been widely studied both as a measure of industrial pollution and as a model compound in studies of the mechanism of induction of cancer. Information about the compound is scattered through the scientific literature in various journals, conference proceedings and other publications; this book is the first to gather all this information together for easy reference. It includes chapters on the synthesis, physical and chemical properties of benzopyrene, its metabolism, interaction with DNA and induction of mutation and cancer, and also its environmental occurrence and analysis. There are copious references to the original literature. The volume will provide a valuable source of reference for: cancer reseach scientists; environmental scientists working in the area of pollution monitoring, public health, industrial safety, food and drugs; chemists and biochemists.
In this important new text, Martin Smith reassesses traditional debates about power and how they understand the nature and impact of the state. He develops an analysis of the new forms of state power that have developed in response to the perceived challenges of globalization and governance.
Creativity explores the moral dimensions of creativity in science in a systematic and comprehensive way. A work of applied philosophy, professional ethics, and philosophy of science, the book argues that scientific creativity often constitutes moral creativity_the production of new and morally variable outcomes. At the same time, creative ambitions have a dark side that can lead to professional misconduct and harmful effects on society and the environment. In this work, creativity is generally defined as the development of new and valuable outcomes such as significant truths, illuminating explanations, or useful technological products. Virtue and accompanying ideals are emphasized as a moral framework. Intellectual virtues, such as love of truth, intellectual honesty, and intellectual courage, are themselves moral virtues. Further moral topics concerning scientific creativity are explored: serendipity and its connection with moral luck, the paradoxes of moral motivation, scientific misconduct arising from unbalanced creative ambitions, forbidden knowledge, creative teaching and leadership in science, and the role of scientific creativity in good lives.
Industrial Organization in Context examines the economics of markets, industries and their participants and public policy towards these entities. It takes an international approach and incorporates discussion of experimental tests of economic models.
The primary purpose of this book is to bring to the attention of members of the medical and scientific communities, as well as to other interested persons, a new and expanding area of investigation that features the use of chemicals for the prevention of tumor induction and development. This novel use of chemical compounds has succeeded in producing a remarkable series of discoveries in recent years. Some of these are beginning to be evaluated in the field of clinical oncology in a manner that has potentially enormous public health implications. It is anticipated, therefore, that increasing amounts of time, energy, and financial resources will be devoted to the further development and expansion of this work. The major contribution of this book at the present time is that it summarizes and brings up to date the pioneering efforts of the various scientists who originated this new and exciting field of scientific activity. The thoughts expressed by Louis Pasteur in 1884 may soon be applicable in the fight against cancer: "When meditating over a disease, I never think of finding a remedy for it, but instead a means of preventing it. " The emphasis on cancer prevention currently underway is the result, in part, of an increased awareness that the environment-geographical, cultural, and occupational-has a role in development of the disease.
Martin McGuire has written for the specialist and the concerned layman a highly original and valuable contribution to our understanding of the arms race, based upon economic theory in general and the theory of economic duopoly in particular. He calls attention to the fact that when two world powers face each other with massive allocations of resources for arms, and when each regards the other as the major, if not the sole, threat to its own security, the question of accurate information about the strength and intentions of the adversary arises for each side in many and various ways. As a result, this study is a pioneering, analytic effort to approach the value of keeping secrets from or of obtaining information about an enemy. The author is concerned with such questions as: what is the loss in being only 50 percent confident rather than certain that the adversary doesn't have more X missiles or missiles of yield W megatons or of accuracy C thousand feet? Should one insist on being 95 percent sure when bargaining for arms control? How can a side compensate for its uncertainty most efficiently? An understanding of these problems can not only increase our security; it may help as well to contain or control the entire two-sided race.
A legendary value investor on security analysis for a modern era This book outlines Whitman's approach to business and security analysis that departs from most conventional security analysts. This approach has more in common with corporate finance than it does with the conventional approach. The key factors in appraising a company and its securities: 1) Credit worthiness, 2) Flows—both cash and earnings, 3) Long-term outlook, 4) Salable assets which can be disposed of without compromising the going concern, dynamics, 5) Resource conversions such as changes in control, mergers and acquisitions, going private, and major changes in assets or in liabilities, and 6) Access to capital. Offers the security analysis value approach Martin Whitman has used successfully since 1986 Details Whitman's unconventional approach to security analysis and offers information on the six key factors for appraising a company Contains the three most overemphasized factors used in conventional securities investing Written by Martin J. Whitman and Fernando Diz, Modern Security Analysis meets the challenge of today's marketplace by taking into account changes to regulation, market structures, instruments, and the speed and volume of trading.
This book challenges the view that an alternative to Western capitalism is neither possible nor desirable. Without proposing a static blueprint, the author explores a new possible scenario.
This exciting new book from Geoffrey Hodgson is eagerly awaited by social scientists from many different backgrounds. This book charts the rise, fall and renewal of institutional economics in the critical, analytical and readable style that Hodgson's fans have come to know and love, and that a new generation of readers will surely come to appreciate.
The Classic British Telefantasy Guide is derived from the second edition of The Guinness Book of Classic British TV with various corrections and a revised introduction to bring it up to date. It was written when the Internet barely existed, and at a time when few books had been published on the subject. This is, however, by no means a new or completely revised version of the original material - too much time has passed, and if we were to start reworking and correcting the text now, it would probably never be finished! Instead, Classic British Telefantasy is an electronic reprint of some of the authors' earliest work, repacked for a new format and, perhaps, a new age.
Martin van Hees presents a new approach to the study of law - legal reductionism - which combines elements of legal positivism, new institutionalism and decision theory. From legal positivism Van Hees derives some fundamental insights into the nature of legal systems, but he also revises some of its key tenets. He argues that law can be reduced to facts; moreover, he re-establishes the relation between law and morality by arguing that law and positive morality are inherently related. He subsequently uses decision-theoretic tools to develop and defend his reductionist methodology. The second part of the study applies the resulting approach to an analysis of legal freedom. By showing that legal reductionism allows us to analyse the value of liberal legal systems, Van Hees makes a forceful case for including the study of law in moral and political philosophy. The book is accessible to a wide readership, including legal and moral philosophers, political theorists and social scientists.
Die hier vorgestellte Methode des 'Value Investing' (Investitionsentscheidungen nach der Wertanalyse) lost die traditionelle Praxis ubertriebener Preisbeobachtungen ab. Die moderne Unternehmensbewertung wird von einem echten Value-Investor vorgestellt, der bekannt ist fur seine Treffsicherheit beim Kauf von unterbewerteten Unternehmen, die er spater wieder mit betrachtlichem Gewinn verkauft. "Value Investing" zeigt Ihnen, wie Sie von der Informationsvielfalt profitieren, z.B. von Fusionen und Akquisitionen und Unternehmens- oder offentlichen Finanzierungen. Whitman definiert die grundlegenden Faktoren, die den Unternehmenswert und ganze Markte beeinflussen konnen und befurwortet die Abkehr von der herkommlichen Analyse der Preisbewegungen und kurzfristigen Handelszielen.
Do Organisations have Feelings? argues that any adequate explanation of the way organizations function for those engaged in business and those who study it must transcend the traditional divide between reason and emotion. The papers in this important collection by one of the leading world authorities in the studies of organizations were written over a period of thirty years. They are now presented together for the first time with an extended commentary and discussion by the author and two specially written chapters to bring the story right up-to-date. Together they provide a fascinating history of the way organizations have reflected changes in society at large as we move into the epoch of globalisation.
Pt. 1. Early Bob-- contributions to econometrics and marketing-- pt. 2. Statistical Bob-- contributions to statistical analysis in marketing -- pt. 3. Promotion Bob-- contributions to sales promotions -- pt. 4. Big Bob-- Contributions that were industry-changing
The ultimate goal of cancer chemoprevention research and development is the identification of pharmaceutical or dietary constituents that will prevent cancer. Cancer Chemoprevention presents the proceedings of a large workshop on cancer chemoprevention that highlights the latest knowledge in the field, in addition to issues and ideas concerning future directions. Retinoids, sulfur compounds, and a large number of many naturally occurring cancer inhibitors in the diet are discussed, including green tea, garlic constituents, citrus fruit oils, and beans and seeds containing protease inhibitors. Compounds that may prevent the formation of carcinogens in food are covered, and the mechanisms by which chemical or dietary agencts produce cancer inhibitors are discussed.
This book offers the first book-length explanation of the UN’s politics of selective humanitarian intervention. Over the past 20 years the United Nations has imposed economic sanctions, deployed peacekeeping operations, and even conducted or authorized military intervention in Somalia, Bosnia, or Libya. Yet no such measures were taken in other similar cases such as Colombia, Myanmar, Darfur—or more recently—Syria. What factors account for the UN’s selective response to humanitarian crises and what are the mechanism that drive—or block—UN intervention decisions? By combining fuzzy-set analysis of the UN’s response to more than 30 humanitarian crises with in depth-case study analysis of UN (in)action in Bosnia and Darfur, as well as in the most recent crises in Côte d’Ivoire, Libya and Syria, this volume seeks to answer these questions.
A timely account of the Euro crisis that challenges our assumptions about debt and economic recovery Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. In Europe's Orphan, leading economic commentator Martin Sandbu presents a compelling defense of the euro. He argues that rather than blaming the euro for the political and economic failures in Europe since the global financial crisis, the responsibility lies firmly on the authorities of the eurozone and its member countries. The eurozone's self-inflicted financial calamities and economic decline resulted from a toxic cocktail of unforced policy errors by bankers, politicians, and bureaucrats; the unhealthy coziness between finance and governments; and, above all, an extreme unwillingness to restructure debt. Sandbu traces the origins of monetary union back to the desire for greater European unity after the Second World War. But the euro’s creation coincided with a credit bubble that governments chose not to rein in. Once the crisis hit, a battle of both ideas and interests led to the failure to aggressively restructure sovereign and bank debt. Ideologically informed choices set in motion dynamics that encouraged more economic mistakes and heightened political tensions within the eurozone. Sandbu concludes that the prevailing view that monetary union can only work with fiscal and political union is wrong and dangerous—and risks sending the continent into further political paralysis and economic stagnation. Contending that the euro has been wrongfully scapegoated for the eurozone’s troubles, Europe’s Orphan charts what actually must be done for the continent to achieve an economic and political recovery. This revised edition contains a new preface addressing the economic and political implications of Brexit, as well as updated text throughout. Europe’s Orphan charts what actually must be done for the continent to achieve a full recovery.
Across the globe, the domain of the litigator and the judge has radically expanded, making it increasingly difficult for those who study comparative and international politics, public policy and regulation, or the evolution of new modes of governance to avoid encountering a great deal of law and courts. In On Law, Politics, and Judicialization, two of the world's leading political scientists present the best of their research, focusing on how to build and test a social science of law and courts. The opening chapter features Shapiro's classic 'Political Jurisprudence,' and Stone Sweet's 'Judicialization and the Construction of Governance,' pieces that critically redefined research agendas on the politics of law and judging. Subsequent chapters take up diverse themes: the strategic contexts of litigation and judging; the discursive foundations of judicial power; the social logic of precedent and appeal; the networking of legal elites; the lawmaking dynamics of rights adjudication; the success and diffusion of constitutional review; the reciprocal impact of courts and legislatures; the globalization of private law; methods, hypothesis-testing, and prediction in comparative law; and the sources and consequences of the creeping 'judicialization of politics' around the world. Chosen empirical settings include the United States, the GATT-WTO, France and Germany, Imperial China and Islam, the European Union, and the transnational world of the Lex Mercatoria. Written for a broad, scholarly audience, the book is also recommended for use in graduate and advanced undergraduate courses in law and the social sciences.
Dynamic pricing and on-line auctions are emerging as the preferred models for e-business. Forrester Research predicts that business-to-business Internet auctions will grow to $52.6 billion by 2002, while dynamically priced business-to-business transactions will rise to $88 billion, representing 27% of the value of all business-to-business e-commerce transactions. This multi-disciplinary book presents a framework of negotiation protocols for electronic markets. It is the first book to combine economics with computer science and the first to describe multidimensional auction mechanisms - i.e. automated negotiations on multiple attributes and/or multiple units of a product. In addition it summarises the introductory economics needed to understand electronic markets, and surveys the literature on negotiation and auction theory. Case studies include the trading of financial derivatives. For use in the design, implementation and upgrade of electronic markets, for researchers in: economics, information systems and operations management, computer science and all students of the e-commerce phenomenon.
Where did wargames come from? Who participated in them, and why? How is their development related to changes in real-life warfare? Which aspects of war did they capture, which ones did they leave out, how, and why? What do they tell us about the conduct of war in the times and places where they were played? How useful are they in training and preparation for war? Why are some so much more popular than others, and how do men and women differ in their interest? Starting with the combat of David versus Goliath, passing through the gladiatorial games, tournaments, trials by battle, duels, and board games such as chess, all the way to the latest simulations and computer games, this unique book traces the subject in all its splendid richness. As it does so, it provides new and occasionally surprising insights into human nature.
Small group research is of particularly wide interest to people working in a fairly broad variety of areas concerned with understanding conflict, especially for practitioners and researchers concerned with conflict resolution, peace, and related areas. The editors will focus on six main topical areas of small group research, which include: - Cooperation, competition, and conflict resolution - Coalitions, bargaining, and games - Group dynamics and social cognition - The group and organization - Team performance - Intergroup relations
This book examines stealth liposomes from a multidisciplinary approach, which includes theoretical polymer physics, organic synthesis, colloid science, and biology. Discussions include theory, chemistry, biochemistry, pharmacology, preclinical studies in model systems, and medical applications in humans.
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