Modern macroeconomics suffers from an unclear link between short-term Keynesian analysis and long-term growth modelling. This book presents a new link between monetary analysis and growth modelling in open economies. Structural change, innovations and growth are considered from a new perspective. With respect to economic policy - in particular innovation policy - the analysis implies major changes, concerning both EU countries and other leading OECD economies.
This monograph presents a theory for random field models in time and space, viewed as stochastic processes with values in a Hilbert space, to model the stochastic dynamics of forward and futures prices in energy, power, and commodity markets. In this book, the well-known Heath–Jarrow–Morton approach from interest rate theory is adopted and extended into an infinite-dimensional framework, allowing for flexible modeling of price stochasticity across time and along the term structure curve. Various models are introduced based on stochastic partial differential equations with infinite-dimensional Lévy processes as noise drivers, emphasizing random fields described by low-dimensional parametric covariance functions instead of classical high-dimensional factor models. The Filipović space, a separable Hilbert space of Sobolev type, is found to be a convenient state space for the dynamics of forward and futures term structures. The monograph provides a classification of important operators in this space, covering covariance operators and the stochastic modeling of volatility term structures, including the Samuelson effect. Fourier methods are employed to price many derivatives of interest in energy, power, and commodity markets, and sensitivity 'delta' expressions can be derived. Additionally, the monograph covers forward curve smoothing, the connection between forwards with fixed delivery and delivery period, as well as the classical theory of forward and futures pricing. This monograph will appeal to researchers and graduate students interested in mathematical finance and stochastic analysis applied in the challenging markets of energy, power, and commodities. Practitioners seeking sophisticated yet flexible and analytically tractable risk models will also find it valuable.
The objective of Risk Analysis in Theory and Practice is to present this analytical framework and to illustrate how it can be used in the investigation of economic decisions under risk. In a sense, the economics of risk is a difficult subject: it involves understanding human decisions in the absence of perfect information. How do we make decisions when we do not know some of events affecting us? The complexities of our uncertain world and of how humans obtain and process information make this difficult. In spite of these difficulties, much progress has been made. First, probability theory is the corner stone of risk assessment. This allows us to measure risk in a fashion that can be communicated among decision makers or researchers. Second, risk preferences are now better understood. This provides useful insights into the economic rationality of decision making under uncertainty. Third, over the last decades, good insights have been developed about the value of information. This helps better understand the role of information in human decision making and this book provides a systematic treatment of these issues in the context of both private and public decisions under uncertainty. - Balanced treatment of conceptual models and applied analysis - Considers both private and public decisions under uncertainty - Website presents application exercises in Excel
It is a measure of Professor Samuelson's preeminence that the sheer scale of his work should be so much taken for granted, observes a reviewer in the Economist who goes on to note that a cynic might add that it would have been better for Professor Samuelson to write less merely to give others a chance to write at all.These volumes contain virtually all of Professor Paul A. Samuelson's contributions to economic theory through mid-1964 - a total of 129 papers. Included are his classic articles on such topics as revealed preference, factor-price equalization, and public goods; as well as some articles which until now have only been privately circulated or "buried" in Festschriften, such as "Market Mechanisms and Maximization" and "The Structure of a Minimum Equilibrium System." The articles have been grouped together into five books, compiled in two volumes. The books, in turn have been divided into sections, each of which contains articles on the same or closely related topics. Within the sections the articles are arranged chronologically. The graduate student and professional economist will welcome The Collected Scientific Papers of Paul A. Samuelson as a valuable addition to their libraries.
This book sets out to address some basic questions drawing from classical political economy and information theory and using an econophysics methodology: What is information? Why is it valuable? What is the relationship between money and information?
This paper examines the persistence of shocks to world commodity prices, using monthly IMF data on primary commodities between 1957–98. We find that shocks to commodity prices are typically long–lasting and the variability of the persistence of price shocks is quite wide. The paper also discusses the implications of these findings for national and international schemes to stabilize earnings from commodity exports and finds that if price shocks are long–lived, then the cost of stabilization schemes will likely exceed any associated smoothing benefits.
Energy comes in many shapes and forms, from wind, solar power, geothermal, and biomass to coal, natural gas, and petroleum. The energy we consume is constantly changing, but the use of these resources-whether renewable or nonrenewable-has long-term impacts on our planet. While there has been this recent shift to renewable energy within the United States, the worldwide demand for all energy types continues to increase at a rapid rate. In fact, it has increased by 84% over the past twenty years. Despite their dwindling supply, these resources are still heavily relied on today. Coal still accounts for 30% of the electricity generated by the United States, even though natural gas is now the primary energy used to produce electricity. Likewise, only 7% of electricity usage worldwide is linked to solar and wind energy. In The Changing Energy Mix, Paul F. Meier compares twelve renewable and nonrenewable energy types using twelve common technical criteria. These criteria span projected reserves, cost to the consumer and supplier, energy balances, environmental issues, land area required, and lasting impacts. While explaining the pros and cons of these resources, Meier takes readers through the history of energy in the United States and world. He provides insight into energy sources, such as wind-powered and solar-powered electricity (which did not exist until the mid and late 80s, respectively), and he explains the constantly evolving world of energy. Breaking down the potential promises and struggles of transitioning to a more renewable energy-based economy, Meier explains the positive and negative implications of these various sources of energy. The resulting book equips readers with a unique understanding of the history, availability, technology, implementation cost, and concerns of renewable and nonrenewable energy.
Work on this book began in the Spring of 1983, not long after an Amax Corporation annual budget meeting. As a member of the Amax board of directors since 1979, I had been present at such meetings in which the molybdenum price had been forecast to move higher than $7.00 per pound. The actual annual average prices were $9.70 in 1980, $8.50 in 1981, and $4.00 in 1982. The forecast for 1983 called for prices to return to higher levels, but as both dealer and producer prices declined further, my research began in earnest. Initially, the research was to address the question of why the molybdenum price had declined by more than half in a short period. More fundamental, as other metals prices also declined, was an impelling need to know the causes of the abrupt and sustained reduction in metals price levels that year. As prices stayed at low levels, while those of other materials recovered over the 1983-1986 period, the question became that of why metals prices had remained at startlingly low levels for over five years.
Thoroughly revised according to classroom feedback, Industrial Organization: Markets and Strategies offers an up-to-date and rigorous presentation of modern industrial organization that blends theory with real-world applications and derives implications for firm strategy and competition policy. This comprehensive textbook acquaints readers with the most important models for understanding strategies chosen by firms with market power and shows how such firms adapt to different market environments. The second edition includes new and revised formal models and case studies. Formal models are presented in detail, and analyses are summarized in 'lessons' which highlight the main insights. Theories are complemented by numerous real-world cases that engage students and lead them to connect theories to real situations. Chapters include review questions, exercises, and suggestions for further reading to enhance the learning experience, and an accompanying website offers additional student exercises, as well as teaching slides.
All scheduling software is difficult to learn for a number of reasons. None have the optimal settings when installed and Layouts, User Preferences and default options need to be adjusted to obtain the best possible performance. Usually the Help files do not connect the user to real life situations and do not explain the practical use of functions. Furthermore, there are many flicks and switches with obscure names that are difficult to understand or decide what they do or which are important. These issues make learning the software very difficult without a comprehensive guide written by an experienced user. Investing in a book written by Paul E Harris will address all these issues and allow you to setup the software properly and understand all the obscure functions letting you become productive more quickly and enhance your career opportunities and salary with a solid understanding of the software. This book is an update of the author’s Primavera P6 Version 8 to 22 book and has been written so it may be used with any software industry version. The book is packed with screen shots, constructive tips and contains workshops with solutions at the end of each chapter for the reader to practice the skills taught. It has been written so it may be used with either the Professional Project Management Client version or the Enterprise Project Portfolio Management Optional Client. The book is aimed at: 1. People who wish learn the software but are unable to attend a training course and find the software reference manual hard going. 2. Project management companies who wish to run their own software training courses or provide their employees with an alternative text to the vendor supplied user manual. 3. Training organizations requiring a training manual to run their own training courses. The book is designed to teach planners and schedulers in any industry how to setup and use the software in a project environment. It explains in plain English and in a logical sequence, the steps required to create and maintain an unresourced and resourced schedule. It tackles some of the more complex aspects of the software that the user manual does not address. It highlights the sources of information and the methods that should be employed to produce a realistic and useful project schedule. The book provides advice on how on how the many software options may be applied to projects environments and it aims to teach readers how to plan and control projects created within the software package and stays focused on explaining how to use Primavera to schedule projects by: Concentrating on the core functions required to set up an enterprise environment and how to plan and control projects. Providing command lists at the start of each chapter as a quick reference. Providing a comprehensive table of contents and index of all topics. The book is intended to be used: As a self-teach book, or A user guide, or A training manual for a three-day training course, instructor PowerPoint slide shows are available from the author. This book is written by an experienced scheduler, who has used the software at the sharp end of projects and is not a techo. It draws on the author's practical experience in using the software in a wide variety of industries. It presents workable solutions to real day to day planning and scheduling problems and contains practical advice on how to set up the software and import data.
Beginning with the development of credit-money theory in the twentieth century, Paul Dalziel derives a model that explains how interest rates are used by authorities to maintain price stability. His conclusions suggest ways in which the current policy framework can be improved to promote growth, without sacrificing that stability.
First published in 1973, this is a radical interpretation, offering a unified explanation for the growth of Western Europe between 900 A. D. and 1700, providing a general theoretical framework for institutional change geared to the general reader.
An approach to the modeling of and the reasoning under uncertainty. The book develops the Dempster-Shafer Theory with regard to the reliability of reasoning with uncertain arguments. Of particular interest here is the development of a new synthesis and the integration of logic and probability theory. The reader benefits from a new approach to uncertainty modeling which extends classical probability theory.
The social sciences study knowing subjects and their interactions. A "cognitive turn", based on cognitive science, has the potential to enrich these sciences considerably. Cognitive economics belongs within this movement of the social sciences. It aims to take into account the cognitive processes of individuals in economic theory, both on the level of the agent and on the level of their dynamic interactions and the resulting collective phenomena. This book is a result of a three-year experiment in interdisciplinary cooperation in cognitive economics. It has the advantage of reflecting joint, long-term work between economists, specialists in cognitive science, physicists, mathematicians and computer scientists. The main aim of the book is to enable any researcher interested in cognitive economics, whatever his or her original speciality, to grasp essential landmarks in this emerging field. Part I of the book provides disciplinary bases, Part II is focused on advanced research.
Accounting: Tools for Business Decision Making, 7th Edition is a two-semester financial and managerial accounting course designed to show students the importance of accounting in their everyday lives. Emphasizing decision-making, this new edition features relevant topics such as data analytics as well as the time-tested features that have proven to be of most help to students.
The authors do a good job using the diaries, interviews, and books written by group members to convey a vivid—sometimes too vivid—picture of war at its most elemental." —The Journal of the Air Force Historical Foundation In February 1942, a reconnaissance party of United States Army Air Force officers arrived in England. Firmly wedded to the doctrine of daylight precision bombing, they believed they could help turn the tide of the war in Europe. In the months that followed, they formed the Eighth Air Force – an organization that grew at an astonishing rate. To accommodate it, almost seventy airfields were hastily built across the eastern counties of England. At the heart of the Eighth Air Force was its bombardment groups, each equipped with scores of heavily armed, four-engine bombers. These Boeing B-17 Flying Fortresses and Consolidated B-24 Liberators were soon punching through the enemy's defenses to bomb targets vital to its war effort. They were crewed by thousands of young American airmen, most of whom were volunteers. This book tells the story of just one "Bomb Group" – the 381st, which crossed the Atlantic in May 1943. Arriving at RAF Ridgewell on the Essex-Suffolk border, its airmen quickly found themselves thrown into the hazardous and attritional air battle raging in the skies over Europe. The 381st’s path led from its formation in the Texan desert, to its 297th and final bombing mission deep into the heart of Hitler’s Third Reich. This is the remarkable story of one group and the part it played in the strategic bombing campaign of "The Mighty Eighth.
Ever since the discovery of blood types early in the last century, transfusion medicine has evolved at a breakneck pace. This second edition of Blood Banking and Transfusion Medicine is exactly what you need to keep up. It combines scientific foundations with today's most practical approaches to the specialty. From blood collection and storage to testing and transfusing blood components, and finally cellular engineering, you'll find coverage here that's second to none. New advances in molecular genetics and the scientific mechanisms underlying the field are also covered, with an emphasis on the clinical implications for treatment. Whether you're new to the field or an old pro, this book belongs in your reference library. - Integrates scientific foundations with clinical relevance to more clearly explain the science and its application to clinical practice. - Highlights advances in the use of blood products and new methods of disease treatment while providing the most up-to-date information on these fast-moving topics - Discusses current clinical controversies, providing an arena for the discussion of sensitive topics. - Covers the constantly changing approaches to stem cell transplantation and brings you the latest information on this controversial topic.
In 2016 Current Topics in Developmental Biology (CTDB) will celebrate its 50th or "golden anniversary. To commemorate the founding of CTDB by Aron Moscona (1921-2009) and Alberto Monroy (1913-1986) in 1966, a two-volume set of CTDB (volumes 116 and 117), entitled Essays on Development, will be published by Academic Press/Elsevier in early 2016. The volumes are edited by Paul M. Wassarman, series editor of CTDB, and include contributions from dozens of outstanding developmental biologists from around the world. Overall, the essays provide critical reviews and discussion of developmental processes for a variety of model organisms. Many essays relate the history of a particular area of research, others personal experiences in research, and some are quite philosophical. Essays on Development provides a window onto the rich landscape of contemporary research in developmental biology and should be useful to both students and investigators for years to come. - Covers the area of developmental processes for a variety of model organisms - International board of authors - Part of two 50th Anniversary volumes proving a comprehensive set of reviews edited by Serial Editor Paul M. Wassarman
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