Differential Information Economies

Author : Dionysius Glycopantis
Publisher : Springer Science & Business Media
ISBN 13 : 3540269797
Total Pages : 656 pages
Book Rating : 4.93/5 ( download)

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Download or read book Differential Information Economies written by Dionysius Glycopantis and published by Springer Science & Business Media. This book was released on 2005-12-28 with total page 656 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the main problems in current economic theory is to write contracts which are Pareto optimal, incentive compatible, and also implementable as a perfect Bayesian equilibrium of a dynamic, noncooperative game. The question arises whether it is possible to provide Walrasian type or cooperative equilibrium concepts which have these properties. This volume contains original contributions on noncooperative and cooperative equilibrium notions in economies with differential information and provides answers to the above questions. Moreover, issues of stability, learning and continuity of alternative equilibria are also examined.

Author : Engelbert Dockner
Publisher : Cambridge University Press
ISBN 13 : 9780521637329
Total Pages : 398 pages
Book Rating : 4.25/5 ( download)

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Download or read book Differential Games in Economics and Management Science written by Engelbert Dockner and published by Cambridge University Press. This book was released on 2000-11-16 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive, self-contained survey of the theory and applications of differential games, one of the most commonly used tools for modelling and analysing economics and management problems which are characterised by both multiperiod and strategic decision making. Although no prior knowledge of game theory is required, a basic knowledge of linear algebra, ordinary differential equations, mathematical programming and probability theory is necessary. Part One presents the theory of differential games, starting with the basic concepts of game theory and going on to cover control theoretic models, Markovian equilibria with simultaneous play, differential games with hierarchical play, trigger strategy equilibria, differential games with special structures, and stochastic differential games. Part Two offers applications to capital accumulation games, industrial organization and oligopoly games, marketing, resources and environmental economics.

Author : Luca Lambertini
Publisher : Cambridge University Press
ISBN 13 : 1316732630
Total Pages : 275 pages
Book Rating : 4.32/5 ( download)

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Download or read book Differential Games in Industrial Economics written by Luca Lambertini and published by Cambridge University Press. This book was released on 2018-04-26 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Game theory has revolutionised our understanding of industrial organisation and the traditional theory of the firm. Despite these advances, industrial economists have tended to rely on a restricted set of tools from game theory, focusing on static and repeated games to analyse firm structure and behaviour. Luca Lambertini, a leading expert on the application of differential game theory to economics, argues that many dynamic phenomena in industrial organisation (such as monopoly, oligopoly, advertising, R&D races) can be better understood and analysed through the use of differential games. After illustrating the basic elements of the theory, Lambertini guides the reader through the main models, spanning from optimal control problems describing the behaviour of a monopolist through to oligopoly games in which firms' strategies include prices, quantities and investments. This approach will be of great value to students and researchers in economics and those interested in advanced applications of game theory.

Author : Kiyohiko G. Nishimura
Publisher : Oxford University Press
ISBN 13 : 9780198290391
Total Pages : 250 pages
Book Rating : 4.9X/5 ( download)

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Download or read book Imperfect Competition, Differential Information, and Microfoundations of Macroeconomics written by Kiyohiko G. Nishimura and published by Oxford University Press. This book was released on 1995 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume links a microeconomic model of imperfectly informed firms and unions in monopolistic competition to a general theory of wage- and price-setting in a macroeconomic model. The analysis is based on a profit maximization and rational behaviour and is thus in line with the newly emerged New Keynesian approach in its emphasis on the microeconomic foundation of macroeconomics. The volume goes on to explain three stylized facts in macroeconomics: nominal rigidity, real rigidity, and cost-oriented prices, presented in a coherent New Keynesian framework. The analysis also provides new insight into the role of competition in an economy with imperfectly and differentially informed firms. It shows that increased competition may increase nominal as well as real price rigidity and increased volatility of investment.

Author : Antonio Villanacci
Publisher : Springer Science & Business Media
ISBN 13 : 1475736193
Total Pages : 495 pages
Book Rating : 4.99/5 ( download)

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Download or read book Differential Topology and General Equilibrium with Complete and Incomplete Markets written by Antonio Villanacci and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 495 pages. Available in PDF, EPUB and Kindle. Book excerpt: General equilibrium In this book we try to cope with the challenging task of reviewing the so called general equilibrium model and of discussing one specific aspect of the approach underlying it, namely, market completeness. With the denomination "general equilibrium" (from now on in short GE) we shall mainly refer to two different things. On one hand, in particular when using the expression "GE approach", we shall refer to a long established methodolog ical tradition in building and developing economic models, which includes, as of today, an enormous amount of contributions, ranging in number by several 1 thousands • On the other hand, in particular when using the expression "stan dard differentiable GE model", we refer to a very specific version of economic model of exchange and production, to be presented in Chapters 8 and 9, and to be modified in Chapters 10 to 15. Such a version is certainly formulated within the GE approach, but it is generated by making several quite restrictive 2 assumptions • Even to list and review very shortly all the collective work which can be ascribed to the GE approach would be a formidable task for several coauthors in a lifetime perspective. The book instead intends to address just a single issue. Before providing an illustration of its main topic, we feel the obligation to say a word on the controversial character of GE. First of all, we should say that we identify the GE approach as being based 3 on three principles .

Author : F. H. Hahn
Publisher : Cambridge University Press
ISBN 13 : 9780521203265
Total Pages : 52 pages
Book Rating : 4.60/5 ( download)

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Download or read book On the Notion of Equilibrium in Economics written by F. H. Hahn and published by Cambridge University Press. This book was released on 1973-06-07 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Theodore Groves
Publisher : U of Minnesota Press
ISBN 13 : 1452908044
Total Pages : 410 pages
Book Rating : 4.45/5 ( download)

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Download or read book Information, Incentives, and Economic Mechanisms written by Theodore Groves and published by U of Minnesota Press. This book was released on 1987 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: Printbegrænsninger: Der kan printes 10 sider ad gangen og max. 40 sider pr. session

Author : Wei-Bin Zhang
Publisher : World Scientific
ISBN 13 : 9812563334
Total Pages : 512 pages
Book Rating : 4.30/5 ( download)

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Download or read book Differential Equations, Bifurcations, and Chaos in Economics written by Wei-Bin Zhang and published by World Scientific. This book was released on 2005 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the application of differential equations to economics is a vast and vibrant area, the subject has not been systematically studied; it is often treated as a subsidiary part of mathematical economics textbooks. This book aims to fill that void by providing a unique blend of the theory of differential equations and their exciting applications to dynamic economics. Containing not just a comprehensive introduction to the applications of the theory of linear (and linearized) differential equations to economic analysis, the book also studies nonlinear dynamical systems, which have only been widely applied to economic analysis in recent years. It provides comprehensive coverage of the most important concepts and theorems in the theory of differential equations in a way that can be understood by any reader who has a basic knowledge of calculus and linear algebra. In addition to traditional applications of the theory to economic dynamics, the book includes many recent developments in different fields of economics.

Author : Jati Sengupta
Publisher : Springer Science & Business Media
ISBN 13 : 9400950535
Total Pages : 478 pages
Book Rating : 4.35/5 ( download)

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Download or read book Information and Efficiency in Economic Decision written by Jati Sengupta and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 478 pages. Available in PDF, EPUB and Kindle. Book excerpt: Use of information is basic to economic theory in two ways. As a basis for optimization, it is central to all normative hypotheses used in eco nomics, but in decision-making situations it has stochastic and evolution ary aspects that are more dynamic and hence more fundamental. This book provides an illustrative survey of the use of information in econom ics and other decision sciences. Since this area is one of the most active fields of research in modern times, it is not possible to be definitive on all aspects of the issues involved. However questions that appear to be most important in this author's view are emphasized in many cases, without drawing any definite conclusions. It is hoped that these questions would provoke new interest for those beginning researchers in the field who are currently most active. Various classifications of information structures and their relevance for optimal decision-making in a stochastic environment are analyzed in some detail. Specifically the following areas are illustrated in its analytic aspects: 1. Stochastic optimization in linear economic models, 2. Stochastic models in dynamic economics with problems of time-inc- sistency, causality and estimation, 3. Optimal output-inventory decisions in stochastic markets, 4. Minimax policies in portfolio theory, 5. Methods of stochastic control and differential games, and 6. Adaptive information structures in decision models in economics and the theory of economic policy.

Author : William A. Brock
Publisher : North Holland
ISBN 13 :
Total Pages : 414 pages
Book Rating : 4.19/5 ( download)

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Download or read book Differential Equations, Stability, and Chaos in Dynamic Economics written by William A. Brock and published by North Holland. This book was released on 1989 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first economics work of its kind offering the economist the opportunity to acquire new and important analytical tools. It introduces the reader to three advanced mathematical methods by presenting both their theoretical bases and their applications to a wide range of economic models. The mathematical methods presented are ordinary differential equations, stability techniques and chaotic dynamics. Topics such as existence, continuation of solutions, uniqueness, dependence on initial data and parameters, linear systems, stability of linear systems, two dimensional phase analysis, local and global stability, the stability manifold, stability of optimal control and empirical tests for chaotic dynamics are covered and their use in economic theory is illustrated in numerous applications. These applications include microeconomic dynamics, investment theory, macroeconomic policies, capital theory, business cycles, financial economics and many others. All chapters conclude with two sections on miscellaneous applications and exercises and further remarks and references. In total the reader will find a valuable guide to over 500 selected references that use differential equations, stability analysis and chaotic dynamics. Graduate students in economics with a special interest in economic theory, economic researchers and applied mathematicians will all benefit from this volume.