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Index And Stability In Bimatrix Games
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Book Synopsis Index and Stability in Bimatrix Games by : H. Arndt von Schemde
Download or read book Index and Stability in Bimatrix Games written by H. Arndt von Schemde and published by Springer Science & Business Media. This book was released on 2005-12-11 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: The index of an equilibrium in a game gives information about the "stability" of the equilibrium, for example with respect to game dynamics. Unfortunately, index theory is often very technical. This book presents a new geometric construction that visualises the index in an intuitive way. For example, a 3A-n game, for any n, can be represented by a figure in the plane, from which one can read off any equilibrium, and its index as a geometric orientation. With this insight, the index can be characterised in strategic terms alone. Moreover, certain "hyperstable" equilibrium components are seen to have nonzero index. The construction gives an elementary proof that two-player games have a Nash equilibrium, and, in an unusual direction, the powerful fixed point theorem of Brouwer.
Book Synopsis Portfolios of Real Options by : Rainer Brosch
Download or read book Portfolios of Real Options written by Rainer Brosch and published by Springer Science & Business Media. This book was released on 2008-03-29 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: Valuing portfolios of options embedded in investment decisions is arguably one of the most important and challenging problems in real options and corporate ?nance in general. Although the problem is common and vitally important in the value creation process of almost any corporation, it has not yet been satisfactorily addressed. It is key for any corporation facing strategic resource allocation decisions, be it a pharmaceutical ?rm valuing and managing its pipeline of drugs, a telecom company having to select a set of technological alternatives, a venture capital or private equity ?rm investing in a portfolio of ventures, or any company allocating resources. Portfolios of real options typically interact such that the value of the whole differs from the sum of the separate parts. Thus one must address and value the particular con?guration of options embedded in a speci?c situation, taking into account the con?guration of other options already present in the portfolio, which in turn depends on the correlation struc ture among the various underlying assets and the strategic dependencies among the options themselves (e. g. , mutual exclusivity, strategic additiv ity, compoundness, complementarity etc. ). In that sense, optimal decisions also depend on past option exercise decisions by management and organi zational capabilities put in place in the past.
Book Synopsis Fuzzy Portfolio Optimization by : Yong Fang
Download or read book Fuzzy Portfolio Optimization written by Yong Fang and published by Springer Science & Business Media. This book was released on 2008-09-20 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most of the existing portfolio selection models are based on the probability theory. Though they often deal with the uncertainty via probabilistic - proaches, we have to mention that the probabilistic approaches only partly capture the reality. Some other techniques have also been applied to handle the uncertainty of the ?nancial markets, for instance, the fuzzy set theory [Zadeh (1965)]. In reality, many events with fuzziness are characterized by probabilistic approaches, although they are not random events. The fuzzy set theory has been widely used to solve many practical problems, including ?nancial risk management. By using fuzzy mathematical approaches, quan- tative analysis, qualitative analysis, the experts’ knowledge and the investors’ subjective opinions can be better integrated into a portfolio selection model. The contents of this book mainly comprise of the authors’ research results for fuzzy portfolio selection problems in recent years. In addition, in the book, the authors will also introduce some other important progress in the ?eld of fuzzy portfolio optimization. Some fundamental issues and problems of po- folioselectionhavebeenstudiedsystematicallyandextensivelybytheauthors to apply fuzzy systems theory and optimization methods. A new framework for investment analysis is presented in this book. A series of portfolio sel- tion models are given and some of them might be more e?cient for practical applications. Some application examples are given to illustrate these models by using real data from the Chinese securities markets.
Book Synopsis Financial Risk Management with Bayesian Estimation of GARCH Models by : David Ardia
Download or read book Financial Risk Management with Bayesian Estimation of GARCH Models written by David Ardia and published by Springer Science & Business Media. This book was released on 2008-05-08 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents in detail methodologies for the Bayesian estimation of sing- regime and regime-switching GARCH models. These models are widespread and essential tools in n ancial econometrics and have, until recently, mainly been estimated using the classical Maximum Likelihood technique. As this study aims to demonstrate, the Bayesian approach o ers an attractive alternative which enables small sample results, robust estimation, model discrimination and probabilistic statements on nonlinear functions of the model parameters. The author is indebted to numerous individuals for help in the preparation of this study. Primarily, I owe a great debt to Prof. Dr. Philippe J. Deschamps who inspired me to study Bayesian econometrics, suggested the subject, guided me under his supervision and encouraged my research. I would also like to thank Prof. Dr. Martin Wallmeier and my colleagues of the Department of Quantitative Economics, in particular Michael Beer, Roberto Cerratti and Gilles Kaltenrieder, for their useful comments and discussions. I am very indebted to my friends Carlos Ord as Criado, Julien A. Straubhaar, J er ^ ome Ph. A. Taillard and Mathieu Vuilleumier, for their support in the elds of economics, mathematics and statistics. Thanks also to my friend Kevin Barnes who helped with my English in this work. Finally, I am greatly indebted to my parents and grandparents for their support and encouragement while I was struggling with the writing of this thesis.
Book Synopsis Strategic Competition in Oligopolies with Fluctuating Demand by : Leslie Neubecker
Download or read book Strategic Competition in Oligopolies with Fluctuating Demand written by Leslie Neubecker and published by Springer Science & Business Media. This book was released on 2006-02-17 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dynamic oligopolistic competition has implications both for the strategic management of firms and for the design of an effective competition policy. Consequently, the present book considers the issue from a private and social perspective. It discusses the potential pro- and anticollusive effects of long-term business strategies, especially for cooperation and reinvestment in production, financing and management compensation, in markets with fluctuating demand. The method of supergame theory is applied to integrate long-run decisions and different types of demand into the analysis. Aside from its contributions to the theoretical literature, the book provides valuable insights into the design of competition policy. The observed development of prices is an indicator of the extent of collusion in the market and can thereby be used to assess antitrust regulation in certain business areas, and to focus the resources of competition authorities on markets where conditions are conducive to collusion.
Book Synopsis Pricing Interest-Rate Derivatives by : Markus Bouziane
Download or read book Pricing Interest-Rate Derivatives written by Markus Bouziane and published by Springer Science & Business Media. This book was released on 2008-03-18 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author derives an efficient and accurate pricing tool for interest-rate derivatives within a Fourier-transform based pricing approach, which is generally applicable to exponential-affine jump-diffusion models.
Book Synopsis Experimenting with Dynamic Macromodels by : PierCarlo Nicola
Download or read book Experimenting with Dynamic Macromodels written by PierCarlo Nicola and published by Springer Science & Business Media. This book was released on 2008-02-01 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a macroeconomic dynamic model à la Solow-Swan, including the market for labor, in a discrete time structure. The model is expanded to include expenditure on R&D and public expenditure on infrastructure. For each of the three models the results are shown in time series figures, which demonstrate that even small changes in the parameters produce responses in the time behavior of the main variables: from steady growth, to regular cycles, to chaotic-like time paths.
Book Synopsis International Trade and Multinational Activity by : Julian Emami Namini
Download or read book International Trade and Multinational Activity written by Julian Emami Namini and published by Springer Science & Business Media. This book was released on 2006-10-28 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the dynamic welfare effects of exposure to trade in a new trade model, which is extended by firm heterogeneity. It is analyzed under which conditions exposure to trade with firm heterogeneity increases or decreases steady state welfare of a country. It uses a new trade model to explore which country-specific conditions give rise to horizontal or vertical multinational activity. Finally, it combines the Heckscher-Ohlin model and a new trade model with horizontal multinational firms.
Book Synopsis Computer-aided Systems in Public Transport by : Mark Hickman
Download or read book Computer-aided Systems in Public Transport written by Mark Hickman and published by Springer Science & Business Media. This book was released on 2008-01-23 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume consists of selected papers presented at the Ninth International Conference on Computer-Aided Scheduling of Public Transport. Coverage includes the use of computer-aided methods and operations research techniques to improve: information management; network and route planning; vehicle and crew scheduling and rostering; vehicle monitoring and management; and practical experience with scheduling and public transport planning methods.
Book Synopsis Market-Conform Valuation of Options by : Tobias Herwig
Download or read book Market-Conform Valuation of Options written by Tobias Herwig and published by Springer Science & Business Media. This book was released on 2006-03-12 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: 1. 1 The Area of Research In this thesis, we will investigate the 'market-conform' pricing of newly issued contingent claims. A contingent claim is a derivative whose value at any settlement date is determined by the value of one or more other underlying assets, e. g. , forwards, futures, plain-vanilla or exotic options with European or American-style exercise features. Market-conform pricing means that prices of existing actively traded securities are taken as given, and then the set of equivalent martingale measures that are consistent with the initial prices of the traded securities is derived using no-arbitrage arguments. Sometimes in the literature other expressions are used for 'market-conform' valuation - 'smile-consistent' valuation or 'fair-market' valuation - that describe the same basic idea. The seminal work by Black and Scholes (1973) (BS) and Merton (1973) mark a breakthrough in the problem of hedging and pricing contingent claims based on no-arbitrage arguments. Harrison and Kreps (1979) provide a firm mathematical foundation for the Black-Scholes- Merton analysis. They show that the absence of arbitrage is equivalent to the existence of an equivalent martingale measure. Under this mea sure the normalized security price process forms a martingale and so securities can be valued by taking expectations. If the securities market is complete, then the equivalent martingale measure and hence the price of any security are unique.
Book Synopsis Microeconometric Evaluation of Labour Market Policies by : Marco Caliendo
Download or read book Microeconometric Evaluation of Labour Market Policies written by Marco Caliendo and published by Springer Science & Business Media. This book was released on 2006-03-30 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an overview of the microeconometric evaluation methods for evaluation of labour market and other public policies. This book focuses on the propensity score matching method and gives guidance for its implementation. It uses this method to evaluate the employment effects of job creation schemes on the participating individuals in Germany.
Book Synopsis Material Flow Management by : Bernd Wagner
Download or read book Material Flow Management written by Bernd Wagner and published by Springer Science & Business Media. This book was released on 2005-09-15 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: Material flow management offers enterprises a high potential for realizing new economic competitive advantages. The eco-efficient optimization of material flow cutS costs while simultaneously achieving long-term ecological sustainability. This book summarises the fundamental concepts and tools of material flow management, and presents contemporary methods and findings. Case studies illustrate the results from recent research projects conducted in cooperation with industrial companies.
Book Synopsis The Political Economy of Fiscal Policy by : Jaejoon Woo
Download or read book The Political Economy of Fiscal Policy written by Jaejoon Woo and published by Springer Science & Business Media. This book was released on 2006-02-25 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the most striking macroeconomic developments during the last three decades is the rise and persistence of large fiscal deficits in a number of countries. Despite recent major fiscal reforms around the world, many countries suffer from recurrent large fiscal imbalances that often reflect lack of fiscal discipline. Why do some countries have recurrent fiscal deficit or volatility problems, while others do not? What factors are most important in explaining cross-country variation in fiscal outcomes? How are they related to growth or inflation? This book presents new, rigorous, theoretical and empirical studies on these fiscal issues, and highlights social polarization as an essential organizing principle in a political economy approach. Also, it discusses how institutional constraints may favourably affect fiscal dynamics in the presence of social polarization.
Book Synopsis The Complex Networks of Economic Interactions by : Akira Namatame
Download or read book The Complex Networks of Economic Interactions written by Akira Namatame and published by Springer Science & Business Media. This book was released on 2006-03-09 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding the mechanism of a socio-economic system requires more than an understanding of the individuals that comprise the system. It also requires understanding how individuals interact with each other, and how the agg- gated outcome can be more than the sum of individual behaviors. This book contains the papers fostering the formation of an active multi-disciplinary community on socio-economic systems with the exciting new ?elds of age- based modeling and econophysics. We especially intend to increase the awareness of researchers in many ?elds with sharing the common view many economic and social activities as collectives of a large-scale heterogeneous and interacting agents. Economists seek to understand not only how individuals behave but also how the interaction of many individuals leads to complex outcomes. Age- based modeling is a method for studying socio-economic systems exhibiting the following two properties: (1) the system is composed of interacting agents, and (2) the system exhibits emergent properties, that is, properties arising from the interactions of the agents that cannot be deduced simply by agg- gating the properties of the system’s components. When the interaction of the agents is contingent on past experience, and especially when the agents continually adapt to that experience, mathematical analysis is typically very limited in its ability to derive the outcome.
Download or read book Game Theory written by E. N. Barron and published by John Wiley & Sons. This book was released on 2011-02-14 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: A fundamental introduction to modern game theory from a mathematical viewpoint Game theory arises in almost every fact of human and inhuman interaction since oftentimes during these communications objectives are opposed or cooperation is viewed as an option. From economics and finance to biology and computer science, researchers and practitioners are often put in complex decision-making scenarios, whether they are interacting with each other or working with evolving technology and artificial intelligence. Acknowledging the role of mathematics in making logical and advantageous decisions, Game Theory: An Introduction uses modern software applications to create, analyze, and implement effective decision-making models. While most books on modern game theory are either too abstract or too applied, this book provides a balanced treatment of the subject that is both conceptual and hands-on. Game Theory introduces readers to the basic theories behind games and presents real-world examples from various fields of study such as economics, political science, military science, finance, biological science as well as general game playing. A unique feature of this book is the use of Maple to find the values and strategies of games, and in addition, it aids in the implementation of algorithms for the solution or visualization of game concepts. Maple is also utilized to facilitate a visual learning environment of game theory and acts as the primary tool for the calculation of complex non-cooperative and cooperative games. Important game theory topics are presented within the following five main areas of coverage: Two-person zero sum matrix games Nonzero sum games and the reduction to nonlinear programming Cooperative games, including discussion of both the Nucleolus concept and the Shapley value Bargaining, including threat strategies Evolutionary stable strategies and population games Although some mathematical competence is assumed, appendices are provided to act as a refresher of the basic concepts of linear algebra, probability, and statistics. Exercises are included at the end of each section along with algorithms for the solution of the games to help readers master the presented information. Also, explicit Maple and Mathematica® commands are included in the book and are available as worksheets via the book's related Web site. The use of this software allows readers to solve many more advanced and interesting games without spending time on the theory of linear and nonlinear programming or performing other complex calculations. With extensive examples illustrating game theory's wide range of relevance, this classroom-tested book is ideal for game theory courses in mathematics, engineering, operations research, computer science, and economics at the upper-undergraduate level. It is also an ideal companion for anyone who is interested in the applications of game theory.
Book Synopsis Stability and Perfection of Nash Equilibria by : Eric van Damme
Download or read book Stability and Perfection of Nash Equilibria written by Eric van Damme and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last decade has seen a steady increase in the application of concepts from noncooperative game theory to such diverse fields as economics, political science, law, operations research, biology and social psychology. As a byproduct of this increased activity, there has been a growing awareness of the fact that the basic noncooperative solution concept, that of Nash equilibrium, suffers from severe drawbacks. The two main shortcomings of this concept are the following: (i) In extensive form games, a Nash strategy may prescribe off the equilibrium path behavior that is manifestly irrational. (Specifically, Nash equilibria may involve incredible threats), (ii) Nash equilibria need not be robust with respect to small perturbations in the data of the game. Confronted with the growing evidence to the detriment of the Nash concept, game theorists were prompted to search for more refined equilibrium notions with better properties and they have come up with a wide array of alternative solution concepts. This book surveys the most important refinements that have been introduced. Its objectives are fourfold (i) to illustrate desirable properties as well as drawbacks of the various equilibrium notions by means of simple specific examples, (ii) to study the relationships between the various refinements, (iii) to derive simplifying characterizations, and (iv) to discuss the plausibility of the assumptions underlying the concepts.
Book Synopsis Introduction to the Theory of Games by : Jeno Szép
Download or read book Introduction to the Theory of Games written by Jeno Szép and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: Approach your problems from the right It isn't that they can't see the solution. end and begin with the answers. Then It is that they can't see the problem. one day, perhaps you will find the final question. G. K. Chesterton. The Scandal of Father Brown 'The Point of a Pin'. 'The Hermit Clad in Crane Feathers' in R. van Gulik's The Chinese Maze Murders. Growing specialization and diversification have brought a host of monographs and textbooks on increasingly specialized topics. However, the "tree" of knowledge of mathematics and related fields does not grow only by putting forth new branches. It also happens, quite often in fact, that branches which were thought to be completely disparate are suddenly seen to be related. Further, the kind and level of sophistication of mathematics applied in various sciences has changed drastically in recent years: measure theory is used (non-trivially) in regional and theoretical economics; algebraic geometry interacts with physics; the Min kowsky lemma, coding theory and the structure of water meet one another in packing and covering theory: quantum fields, crystal defects and mathematical programming profit from homotopy theory; Lie algebras are relevant to filtering; and prediction and electrical engineering can use Stein spaces.
