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Beyond Equilibrium And Efficiency
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Book Synopsis Beyond Equilibrium and Efficiency by : J. Doyne Farmer
Download or read book Beyond Equilibrium and Efficiency written by J. Doyne Farmer and published by Oxford University Press, USA. This book was released on 2005 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents recent thought on market efficiency, using a complex systems approach to move past equilibrium models and quantify the actual efficiency of markets. The older view that markets are perfectly efficient has come under attack from several different directions, including studies of market anomalies, human psychology, bounded rationality, agent-based modeling, and evolutionary game theory. This volume brings together some of the best economists, physicists, and biologists working on quantitative models of complex, self-organized behavior relevant to measuring marketing efficiency, to stimulate new approaches to understanding financial markets.
Book Synopsis Beyond Equilibrium Theory by : M. Ross DeWitt
Download or read book Beyond Equilibrium Theory written by M. Ross DeWitt and published by University Press of America. This book was released on 2000 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beyond Equilibrium Theory is a fundamentally new interpretation of social reality that introduces theories of social formation and transformation, for micro- and macro-analysis of action systems and social movements. Equilibrium and conflict are viewed as societal variants rather than as ideal or natural states. Classical theorists are placed within a common theoretical framework, in an analysis of social order and social change as separate continua. Multiple path models trace changing patterns of partnering and power sharing. Hypotheses are tested with field-collected survey data, regression analysis of higher-order interactions, and comparisons of means adjusted for other effects. Researchers are provided with detailed methods of integrating theory and research, including nonlinear models and new logics of causality.
Book Synopsis A Random Walk to Nowhere by : Edward E. Williams
Download or read book A Random Walk to Nowhere written by Edward E. Williams and published by World Scientific. This book was released on 2020 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: Preface -- Fraud, lies, and statistics -- The early history of modern financial economics -- The birth of the efficient market hypothesis -- Earlier views of market efficiency -- The impact of information and regulation on market efficiency -- Tests of the EMH -- Anomalies -- The capital asset pricing model -- Beyond the CAPM -- Conclusions -- References.
Book Synopsis Financial Markets Theory by : Emilio Barucci
Download or read book Financial Markets Theory written by Emilio Barucci and published by Springer. This book was released on 2017-06-08 with total page 843 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work, now in a thoroughly revised second edition, presents the economic foundations of financial markets theory from a mathematically rigorous standpoint and offers a self-contained critical discussion based on empirical results. It is the only textbook on the subject to include more than two hundred exercises, with detailed solutions to selected exercises. Financial Markets Theory covers classical asset pricing theory in great detail, including utility theory, equilibrium theory, portfolio selection, mean-variance portfolio theory, CAPM, CCAPM, APT, and the Modigliani-Miller theorem. Starting from an analysis of the empirical evidence on the theory, the authors provide a discussion of the relevant literature, pointing out the main advances in classical asset pricing theory and the new approaches designed to address asset pricing puzzles and open problems (e.g., behavioral finance). Later chapters in the book contain more advanced material, including on the role of information in financial markets, non-classical preferences, noise traders and market microstructure. This textbook is aimed at graduate students in mathematical finance and financial economics, but also serves as a useful reference for practitioners working in insurance, banking, investment funds and financial consultancy. Introducing necessary tools from microeconomic theory, this book is highly accessible and completely self-contained. Advance praise for the second edition: "Financial Markets Theory is comprehensive, rigorous, and yet highly accessible. With their second edition, Barucci and Fontana have set an even higher standard!"Darrell Duffie, Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford University "This comprehensive book is a great self-contained source for studying most major theoretical aspects of financial economics. What makes the book particularly useful is that it provides a lot of intuition, detailed discussions of empirical implications, a very thorough survey of the related literature, and many completely solved exercises. The second edition covers more ground and provides many more proofs, and it will be a handy addition to the library of every student or researcher in the field."Jaksa Cvitanic, Richard N. Merkin Professor of Mathematical Finance, Caltech "The second edition of Financial Markets Theory by Barucci and Fontana is a superb achievement that knits together all aspects of modern finance theory, including financial markets microstructure, in a consistent and self-contained framework. Many exercises, together with their detailed solutions, make this book indispensable for serious students in finance."Michel Crouhy, Head of Research and Development, NATIXIS
Book Synopsis Beyond Naïveté by : Rohnn B. Sanderson
Download or read book Beyond Naïveté written by Rohnn B. Sanderson and published by University Press of America. This book was released on 2012 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses theories in economics and ethics to help the reader understand all points of view regarding the crossroads between economic systems and individual and social values. Easily accessible to non-specialists, the book also provides numerous insights for specialists in economics, philosophical ethics, or both.
Book Synopsis Making Sense of Chaos by : J Doyne Farmer
Download or read book Making Sense of Chaos written by J Doyne Farmer and published by Yale University Press. This book was released on 2024-08-06 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: From a pioneer in the field of complexity science and chaos theory, a plan for solving the world's most pressing problems "Farmer convincingly argues that by using big data and today's more powerful computers, we can build more realistic models and simulations of the global economy. . . . Farmer's vision will undoubtedly be significant in how economics evolves."--Tej Parikh, Financial Times, "Best New Books on Economics" "Both a manifesto for a revolution in economics and a memoir of an unusual career."--Ed Ballard, Wall Street Journal We live in an age of increasing complexity--an era of accelerating technology and global interconnection that holds more promise, and more peril, than any other time in human history. The fossil fuels that have powered global wealth creation now threaten to destroy the world they helped build. Automation and digitization promise prosperity for some, unemployment for others. Financial crises fuel growing inequality, polarization, and the retreat of democracy. At heart, all these problems are rooted in the economy, yet the guidance provided by economic models has often failed. Many books have been written about J. Doyne Farmer and his work, but this is the first in his own words. It presents a manifesto for how to do economics better. In this tale of science and ideas, Farmer fuses his profound knowledge and expertise with stories from his life to explain how we can bring a scientific revolution to bear on the economic conundrums facing society. Using big data and ever more powerful computers, we are now able for the first time to apply complex systems science to economic activity, building realistic models of the global economy. The resulting simulations and the emergent behavior we observe form the cornerstone of the science of complexity economics, allowing us to test ideas and make significantly better economic predictions--to better address the hard problems facing the world.
Book Synopsis Handbook of Financial Stress Testing by : J. Doyne Farmer
Download or read book Handbook of Financial Stress Testing written by J. Doyne Farmer and published by . This book was released on 2022-04-14 with total page 729 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discover current uses and future development of stress tests, the most innovative regulatory tool to prevent and fight financial crises.
Book Synopsis Theory of Incomplete Markets by : Michael Magill
Download or read book Theory of Incomplete Markets written by Michael Magill and published by MIT Press. This book was released on 2002 with total page 566 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theory of incompl. markets/M. Magill, M. Quinzii. - V.1.
Book Synopsis Beyond Equilibrium Thermodynamics by : Hans Christian Öttinger
Download or read book Beyond Equilibrium Thermodynamics written by Hans Christian Öttinger and published by John Wiley & Sons. This book was released on 2005-05-13 with total page 651 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beyond Equilibrium Thermodynamics fills a niche in the market by providing a comprehensive introduction to a new, emerging topic in the field. The importance of non-equilibrium thermodynamics is addressed in order to fully understand how a system works, whether it is in a biological system like the brain or a system that develops plastic. In order to fully grasp the subject, the book clearly explains the physical concepts and mathematics involved, as well as presenting problems and solutions; over 200 exercises and answers are included. Engineers, scientists, and applied mathematicians can all use the book to address their problems in modelling, calculating, and understanding dynamic responses of materials.
Book Synopsis Labor, Credit, and Goods Markets by : Nicolas Petrosky-Nadeau
Download or read book Labor, Credit, and Goods Markets written by Nicolas Petrosky-Nadeau and published by MIT Press. This book was released on 2017-11-10 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: An integrated framework to study the theoretical and quantitative properties of economies with frictions in labor, financial, and goods markets. This book offers an integrated framework to study the theoretical and quantitative properties of economies with frictions in multiple markets. Building on analyses of markets with frictions by 2010 Nobel laureates Peter A. Diamond, Dale T. Mortensen, and Christopher A. Pissarides, which provided a new theoretical approach to search markets, the book applies this new paradigm to labor, finance, and goods markets. It shows, in particular, how frictions in different markets interact with each other. The book first covers the main developments in the analysis of the labor market in the presence of frictions, offering a systematic analysis of the dynamics of this environment and explaining the notion of macroeconomic volatility. Then, building on the generality and simplicity of the search analysis, the book adapts it to other markets, developing the tools and concepts to analyze friction in these markets. The book goes beyond the traditional general equilibrium analysis of markets, which is often frictionless. It begins with the standard analysis of a single market, and then sequentially integrates more markets into the analysis, progressing from labor to financial to goods markets. Along the way, the book provides a number of useful results and insights, including the existence of a direct link between search frictions and the degree of volatility in the economy.
Download or read book Beyond the Market written by Jens Beckert and published by Princeton University Press. This book was released on 2009-01-10 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beyond the Market launches a sociological investigation into economic efficiency. Prevailing economic theory, which explains efficiency using formalized rational choice models, often simplifies human behavior to the point of distortion. Jens Beckert finds such theory to be particularly weak in explaining such crucial forms of economic behavior as cooperation, innovation, and action under conditions of uncertainty--phenomena he identifies as the proper starting point for a sociology of economic action. Beckert levels an enlightened critique at neoclassical economics, arguing that understanding efficiency requires looking well beyond the market to the social, cultural, political, and cognitive factors that influence the coordination of economic action. Beckert searches social theory for the components of an alternative theory of action, one that accounts for the social embedding of economic behavior. In Durkheim and Parsons he finds especially useful approaches to cooperation; in Luhmann, a way to understand how people act under highly contingent conditions; and in Giddens, an understanding of creative action and innovation. Together, these provide building blocks for a research program that will yield a theoretically sophisticated understanding of how economic processes are coordinated and the ways that markets are embedded in social, cultural, and cognitive structures. Containing one of the most fully informed critiques of the neoclassical analysis of economic efficiency--as well as one of the most thoughtful blueprints for economic sociology--this book reclaims for sociology the study of one of the most important arenas of human action.
Book Synopsis Beyond Traditional Probabilistic Methods in Economics by : Vladik Kreinovich
Download or read book Beyond Traditional Probabilistic Methods in Economics written by Vladik Kreinovich and published by Springer. This book was released on 2018-11-24 with total page 1167 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents recent research on probabilistic methods in economics, from machine learning to statistical analysis. Economics is a very important – and at the same a very difficult discipline. It is not easy to predict how an economy will evolve or to identify the measures needed to make an economy prosper. One of the main reasons for this is the high level of uncertainty: different difficult-to-predict events can influence the future economic behavior. To make good predictions and reasonable recommendations, this uncertainty has to be taken into account. In the past, most related research results were based on using traditional techniques from probability and statistics, such as p-value-based hypothesis testing. These techniques led to numerous successful applications, but in the last decades, several examples have emerged showing that these techniques often lead to unreliable and inaccurate predictions. It is therefore necessary to come up with new techniques for processing the corresponding uncertainty that go beyond the traditional probabilistic techniques. This book focuses on such techniques, their economic applications and the remaining challenges, presenting both related theoretical developments and their practical applications.
Book Synopsis Essays on Government Growth by : Joshua Hall
Download or read book Essays on Government Growth written by Joshua Hall and published by Springer Nature. This book was released on 2020-12-22 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains eight papers focusing on factors associated with the growth of government. There is a large literature in public economics, especially public choice, on the determinants of the growth of government. The papers in this volume focus on a number of arguments related to why government has grown in many developed countries during the nineteenth and twentieth centuries. Chapters focus on taxation, trade openness, technology, income changes, and tax compliance. The volume features prominent scholars such as Nobel Laureate Gary Becker, Casey Mulligan, Gordon Tullock, Randall Holcombe, and Tyler Cowen.
Book Synopsis Beyond Probiotics: Dietary Microbial Modulators of the Immune System - Effects and Mechanisms by : Margarida Castell
Download or read book Beyond Probiotics: Dietary Microbial Modulators of the Immune System - Effects and Mechanisms written by Margarida Castell and published by Frontiers Media SA. This book was released on 2022-03-25 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A History of Macroeconomics from Keynes to Lucas and Beyond by : Michel De Vroey
Download or read book A History of Macroeconomics from Keynes to Lucas and Beyond written by Michel De Vroey and published by Cambridge University Press. This book was released on 2016-01-07 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macroeconomics (Patinkin, Leijongufvud and Clower), non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macroeconomics (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macroeconomics. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.
Book Synopsis Ultra-Dense Networks for 5G and Beyond by : Trung Q. Duong
Download or read book Ultra-Dense Networks for 5G and Beyond written by Trung Q. Duong and published by John Wiley & Sons. This book was released on 2019-01-31 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offers comprehensive insight into the theory, models, and techniques of ultra-dense networks and applications in 5G and other emerging wireless networks The need for speed—and power—in wireless communications is growing exponentially. Data rates are projected to increase by a factor of ten every five years—and with the emerging Internet of Things (IoT) predicted to wirelessly connect trillions of devices across the globe, future mobile networks (5G) will grind to a halt unless more capacity is created. This book presents new research related to the theory and practice of all aspects of ultra-dense networks, covering recent advances in ultra-dense networks for 5G networks and beyond, including cognitive radio networks, massive multiple-input multiple-output (MIMO), device-to-device (D2D) communications, millimeter-wave communications, and energy harvesting communications. Clear and concise throughout, Ultra-Dense Networks for 5G and Beyond - Modelling, Analysis, and Applications offers a comprehensive coverage on such topics as network optimization; mobility, handoff control, and interference management; and load balancing schemes and energy saving techniques. It delves into the backhaul traffic aspects in ultra-dense networks and studies transceiver hardware impairments and power consumption models in ultra-dense networks. The book also examines new IoT, smart-grid, and smart-city applications, as well as novel modulation, coding, and waveform designs. One of the first books to focus solely on ultra-dense networks for 5G in a complete presentation Covers advanced architectures, self-organizing protocols, resource allocation, user-base station association, synchronization, and signaling Examines the current state of cell-free massive MIMO, distributed massive MIMO, and heterogeneous small cell architectures Offers network measurements, implementations, and demos Looks at wireless caching techniques, physical layer security, cognitive radio, energy harvesting, and D2D communications in ultra-dense networks Ultra-Dense Networks for 5G and Beyond - Modelling, Analysis, and Applications is an ideal reference for those who want to design high-speed, high-capacity communications in advanced networks, and will appeal to postgraduate students, researchers, and engineers in the field.
Book Synopsis Boombustology by : Vikram Mansharamani
Download or read book Boombustology written by Vikram Mansharamani and published by John Wiley & Sons. This book was released on 2011-02-08 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: A multi-disciplinary framework through which to spot financial bubbles before they burst. Based on a popular undergraduate seminar, entitled Financial Booms & Busts, taught by the author at Yale University, Boombustology presents a multi-disciplinary framework for identifying unsustainable booms and forthcoming busts. The magnitude of our recent financial crisis mandates a firm understanding of this phenomenon before the next crisis occurs. Boombustology provides an in-depth look at several major booms and busts and offers a solid framework for thinking about future occurrences. Examines why booms and busts are not random and can therefore be identified Focuses upon various theoretical and disciplinary lenses useful in the study of booms and busts Contains a framework for thinking about and identifying forthcoming financial bubbles including several tell-tale indicators of a forthcoming bust. Illustrates the framework in action by evaluating China as a potential bubble in the making. If you want to make better decisions in today’s turbulent investment environment, understanding the dynamics of booms and busts is the best place the start. Boombustology can help you achieve this elusive goal. Vikram Mansharamani is a Lecturer at Yale University and a global equity investor.
