The Use of Mathematics in Economics and Its Effect on a Scholar's
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Zbwleibniz-Informationszentrum
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Cogliano, Jonathan Working Paper An account of "the core" in economic theory CHOPE Working Paper, No. 2019-17 Provided in Cooperation with: Center for the History of Political Economy at Duke University Suggested Citation: Cogliano, Jonathan (2019) : An account of "the core" in economic theory, CHOPE Working Paper, No. 2019-17, Duke University, Center for the History of Political Economy (CHOPE), Durham, NC This Version is available at: http://hdl.handle.net/10419/204518 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu An Account of “the Core” in Economic Theory by Jonathan F. Cogliano CHOPE Working Paper No. 2019-17 September 2019 Electronic copy available at: https://ssrn.com/abstract=3454838 An Account of ‘the Core’ in Economic Theory⇤ Jonathan F. -
The Winners of the Blue Planet Prize 2009 Professor Hirofumi Uzawa
The Winners of the Blue Planet Prize 2009 Professor Hirofumi Uzawa (Japan) Lord (Nicholas) Stern of Brentford (UK) 2009 Blue Planet Prize Professor Hirofumi Uzawa Lord (Nicholas) Stern of Brentford (Japan) (UK) Member of The Japan Academy Professor, The London School of Economics Professor Emeritus, The University of Tokyo GIFT: This Blue Planet we live on Is blessed to hold life In the universe full of stars brilliantly shining We humankind Are we spending the days by embracing from deep in our heart? The happiness of being born on this blue planet of life As a tiny life born on this planet Caring other lives, cherishing each other Are we pursuing in full, the meaning of our lives? By truly giving our appreciation To the blessings of the “planet of life” Earth It is our great pleasure If the fi lm this time Served you to think About the happiness of living on this blue planet Selected from the Slide Show Presented at the Opening By extending your thoughts of the Awards Ceremony To the gifts from the “planet of life” Earth 151 Their Imperial Highnesses Prince and Princess Akishino His Imperial Highness Prince Akishino congratulates congratulate the laureates at the Congratulatory Party the laureates The prizewinners receive their trophies from Chairman Seya Professor Hirofumi Uzawa Lord (Nicholas) Stern of Brentford Dr. Hiroyuki Yoshikawa, Chairman of the Selection Committee explains the rationale for the determina- tion of the year's winners Hiromichi Seya, Chairman of the Foundation Professor Ichiro Kanazawa, President, Science Council of delivers the opening address Japan (left) and Mr. -
The Econometric Analysis of Recurrent Events in Macroeconomics and Finance the ECONOMETRIC and TINBERGEN INSTITUTES LECTURES
The Econometric Analysis of Recurrent Events in Macroeconomics and Finance THE ECONOMETRIC AND TINBERGEN INSTITUTES LECTURES Series Editors Herman K. van Dijk and Philip Hans Franses The Econometric Institute, Erasmus University Rotterdam The Econometric and Tinbergen Institutes Lectures series is a joint project of Princeton University Press and the Econometric Institute at Erasmus University Rotterdam. This series col- lects the lectures of leading researchers which they have given at the Econometric Institute for an audience of academics and students. The lectures are at a high academic level and deal with topics that have important policy implications. The series covers a wide range of topics in econometrics. It is not confined to any one area or sub-discipline. The Econometric Institute is the leading research center in econometrics and management science in the Netherlands. The Institute was founded in 1956 by Jan Tinbergen and Henri Theil, with Theil being its first director. The Institute has received worldwide recognition with an advanced training program for various degrees in econometrics. Other books in this series include Anticipating Correlations: A New Paradigm for Risk Manage- ment by Robert Engle Complete and Incomplete Econometric Models by John Geweke Social Choice with Partial Knowledge of Treatment Response by Charles F. Manski Yield Curve Modeling and Forecasting: The Dynamic Nelson- Siegel Approach by Francis X. Diebold and Glenn D. Rude- busch Bayesian Non- and Semi-parametric Methods and Applications by Peter E. Rossi -
When Does Behavioural Economics Really Matter?
When does behavioural economics really matter? Ian McAuley, University of Canberra and Centre for Policy Development (www.cpd.org.au) Paper to accompany presentation to Behavioural Economics stream at Australian Economic Forum, August 2010. Summary Behavioural economics integrates the formal study of psychology, including social psychology, into economics. Its empirical base helps policy makers in understanding how economic actors behave in response to incentives in market transactions and in response to policy interventions. This paper commences with a short description of how behavioural economics fits into the general discipline of economics. The next section outlines the development of behavioural economics, including its development from considerations of individual psychology into the fields of neurology, social psychology and anthropology. It covers developments in general terms; there are excellent and by now well-known detailed descriptions of the specific findings of behavioural economics. The final section examines seven contemporary public policy issues with suggestions on how behavioural economics may help develop sound policy. In some cases Australian policy advisers are already using the findings of behavioural economics to advantage. It matters most of the time In public policy there is nothing novel about behavioural economics, but for a long time it has tended to be ignored in formal texts. Like Molière’s Monsieur Jourdain who was surprised to find he had been speaking prose all his life, economists have long been guided by implicit knowledge of behavioural economics, particularly in macroeconomics. Keynes, for example, understood perfectly the “money illusion” – people’s tendency to think of money in nominal rather than real terms – in his solution to unemployment. -
Restoring Rational Choice: the Challenge of Consumer Financial Regulation
NBER WORKING PAPER SERIES RESTORING RATIONAL CHOICE: THE CHALLENGE OF CONSUMER FINANCIAL REGULATION John Y. Campbell Working Paper 22025 http://www.nber.org/papers/w22025 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 February 2016 This paper is the Ely Lecture delivered at the annual meeting of the American Economic Association on January 3, 2016. I thank the Sloan Foundation for financial support, and my coauthors Steffen Andersen, Cristian Badarinza, Laurent Calvet, Howell Jackson, Brigitte Madrian, Kasper Meisner Nielsen, Tarun Ramadorai, Benjamin Ranish, Paolo Sodini, and Peter Tufano for joint work that I draw upon here. I also thank Cristian Badarinza for his work with international survey data on household balance sheets, Laurent Bach, Laurent Calvet, and Paolo Sodini for sharing their results on Swedish wealth inequality, Ben Ranish for his analysis of Indian equity data, Annamaria Lusardi for her assistance with financial literacy survey data, Steven Bass, Sean Collins, Emily Gallagher, and Sarah Holden of ICI and Jack VanDerhei of EBRI for their assistance with data on US retirement savings, Eduardo Davila and Paul Rothstein for correspondence and discussions about behavioral welfare economics, and Daniel Fang for able research assistance. I have learned a great deal from my service on the Academic Research Council of the Consumer Financial Protection Bureau, and from conversations with CFPB staff. Finally I gratefully acknowledge insightful comments from participants in the Sixth Miami Behavioral -
Front Matter
Cambridge University Press 0521836417 - Designing Economic Mechanisms Leonid Hurwicz and Stanley Reiter Frontmatter More information Designing Economic Mechanisms A mechanism is a mathematical structure that models institutions through which economic activity is guided and coordinated. There are many such insti- tutions; markets are the most familiar ones. Lawmakers, administrators, and officers of private companies create institutions in order to achieve desired goals. They seek to do so in ways that economize on the resources needed to operate the institutions and that provide incentives to induce the required behavior. This book presents systematic procedures for designing mechanisms that achieve specified performance and economize on the resources required to operate the mechanism, i.e., informationally efficient mechanisms. Our systematic design procedures can be viewed as algorithms for designing informationally efficient mechanisms. Most of the book deals with these procedures of design. Beyond this, given a mechanism that implements a goal function in Nash equilibrium, our algorithm constructs a decentralized, informationally efficient mechanism that implements that goal function in correlated equilibrium. Leonid Hurwicz is Regents’ Professor of Economics Emeritus at the University of Minnesota. Internationally renowned for his pioneering research on economic theory, particularly in the areas of mechanism and institutional design and mathematical economics, he received the national Medal of Science in 1990. A member of the National Academy of Sciences and the American Academy of Arts and Sciences, Professor Hurwicz is a former President and Fellow of the Econo- metric Society. The recipient of six honorary doctorates, he serves on the edi- torial board of several journals and coedited and contributed to two collections for Cambridge University Press, Studies in Resource Allocation Processes (1978, with Kenneth Arrow) and Social Goals and Social Organization (1987, with David Schmeidler and Hugo Sonnenschein). -
Raising Children to Work Hard: Altruism, Work Norms and Social Insurance ∗
RAISING CHILDREN TO WORK HARD: ALTRUISM, WORK NORMS AND SOCIAL INSURANCE ¤ Assar Lindbeck and Sten Nyberg February 28, 2006 Forthcoming in Quarterly Journal of Economics, 4, November 2006 Abstract Empirically, disincentive eects on work of generous welfare state arrange- ments tend to appear with a substantial time-lag. One explanation is that norms concerning work and benet dependency delay such eects. We model altruistic parents' economic incentives for instilling such work norms in their children. Anticipated economic support from parents may reduce work eort, and parental altruism makes threats to withdraw such support non-credible. Instilling norms mitigates this problem. However, generous social insurance arrangements tend to weaken parents' incentives to instill such norms in their children. We nd empirical support for this prediction. JEL Classication: Z13, D19, D64, H31. Keywords: Work norms, social insurance, altruism. ¤We are grateful for comments from Gary Becker, Alessandra Cassella, Torsten Persson, Michael Waldman, Jörgen W. Weibull and seminar participants at the EEA meeting in Lausanne, IIES Stockholm University, Uppsala University, the Research Institute of Industrial Economics Stockholm, SCASSS, SNS/CEPR Public Policy Symposium, Stockholm School of Economics, Swedish School of Economics and Business Administration, Helsinki, University of Munich and University of Sydney. We are also grateful for suggestions from two anonymous referees and the editor of this journal. Excellent empirical research assistance by Jose Mauricio Prado, Jr. is gratefully acknowledged. 1 I. Introduction In recent years, social scientists and politicians have expressed concern about disincentive eects on work of welfare-state arrangements, and related taxes on labor income, in Western Europe. The large reduction in per capita hours of work and the huge increase in the number of individuals of working age living on various government benets might be the most direct evidence of such eects. -
(Eds.) Foundations in Microeconomic Theory Hugo F
Matthew O. Jackson • Andrew McLennan (Eds.) Foundations in Microeconomic Theory Hugo F. Sonnenschein Matthew O. Jackson • Andrew McLennan (Eds.) Foundations in Microeconomic Theory A Volume in Honor of Hugo F. Sonnenschein ^ Springer Professor Matthew O. Jackson Professor Andrew McLennan Stanford University School of Economics Department of Economics University of Queensland Stanford, CA 94305-6072 Rm. 520, Colin Clark Building USA The University of Queensland [email protected] NSW 4072 Australia [email protected] ISBN: 978-3-540-74056-8 e-ISBN: 978-3"540-74057-5 Library of Congress Control Number: 2007941253 © 2008 Springer-Verlag Berlin Heidelberg This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9,1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMX Design GmbH, Heidelberg Printed on acid-free paper 987654321 spnnger.com Contents Introduction 1 A Brief Biographical Sketch of Hugo F. Sonnenschein 5 1 Kevin C. Sontheimer on Hugo F. -
Jan Tinbergen
Jan Tinbergen NOBEL LAUREATE JAN TINBERGEN was born in 1903 in The Hague, the Netherlands. He received his doctorate in physics from the University of Leiden in 1929, and since then has been honored with twenty other degrees in economics and the social sciences. He received the Erasmus Prize of the European Cultural Foundation in 1967, and he shared the first Nobel Memorial Prize in Economic Science in 1969. He was Professor of Development Planning, Erasmus University, Rot- terdam (previously Netherlands School of Economics), part time in 1933- 55, and full time in 1955-73; Director of the Central Planning Bureau, The Hague, 1945-55; and Professor of International Economic Coopera- tion, University of Leiden, 1973-75. Utilizing his early contributions to econometrics, he laid the founda- tions for modern short-term economic policies and emphasized empirical macroeconomics while Director of the Central Planning Bureau. Since the mid-1950s, Tinbergen bas concentrated on the methods and practice of planning for long-term development. His early work on development was published as The Design of Development (Baltimore, Md.: Johns Hopkins University Press, 1958). Some of his other books, originally published or translated into English, include An Econometric Approach to Business Cycle Problems (Paris: Hermann, 1937); Statistical Testing of Business Cycle Theories, 2 vols. (Geneva: League of Nations, 1939); International Economic Cooperation (Amsterdam: Elsevier Economische Bibliotheek, 1945); Business Cycles in the United Kingdom, 1870-1914 (Amsterdam: North-Holland, 1951); On the Theory of Economic Policy (Amsterdam: North-Holland, 1952); Centralization and Decentralization in Economic Policy (Amsterdam: North-Holland, 1954); Economic Policy: Principles and Design (Amster- dam: North-Holland, 1956); Selected Papers, L. -
Modigliani's and Sylos Labini's Contributions to Oligopoly Theory
The Origin of the Sylos Postulate: Modigliani’s and Sylos Labini’s Contributions to Oligopoly Theory by Antonella Rancan CHOPE Working Paper No. 2012-08 December 2012 The Origin of the Sylos Postulate: Modigliani’s and Sylos Labini’s Contributions to Oligopoly Theory* Antonella Rancan University of Molise (Italy) Email: [email protected] December 2012 * The paper benefited from a period of research at Duke University working on Modigliani’s Papers. I wish to thank the Hope Center and the David M. Rubenstein Rare Book, Manuscript, and Special Collections Library for financial support within the Economists’ Paper Project. I also thank the Special Collection Library staff for their kind availability. The paper was presented at the 2011 ESHET and STOREP conferences. I am especially grateful to the readers and discussants of different versions for their useful comments and suggestions. The Abstract of The Origin of the Sylos Postulate: Modigliani’s and Sylos Labini’s Contributions to Oligopoly Theory* Abstract Paolo Sylos Labini’s Oligopoly Theory and Technical Progress (1957) is considered one of the major contributions to entry-prevention models, especially after Franco Modigliani’s famous formalization. Nonetheless, Modigliani neglected Sylos Labini’s major aim when reviewing his work (1958), particularly his demonstration of the dynamic relation between industrial concentration and economic development. Modigliani addressed only Sylos’ microeconomic analysis and the determination of the long-run equilibrium price and output, concentrating on the role played by firms’ anticipations. By doing so he shifted attention from Sylos' objective analysis to a subjective approach to oligopoly problem. This paper discusses Sylos’ and Modigliani’s differing approaches, derives the origin of the Sylos postulate and sets Modigliani’s interpretation of Sylos’ oligopoly theory in the context of his 1950s research into firms’ behaviour under uncertainty. -
The Firm As a Pool of Factor Complementarities
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Lindbeck, Assar; Snower, Dennis J. Working Paper The firm as a pool of factor complementarities CESifo Working Paper, No. 1046 Provided in Cooperation with: Ifo Institute – Leibniz Institute for Economic Research at the University of Munich Suggested Citation: Lindbeck, Assar; Snower, Dennis J. (2003) : The firm as a pool of factor complementarities, CESifo Working Paper, No. 1046, Center for Economic Studies and ifo Institute (CESifo), Munich This Version is available at: http://hdl.handle.net/10419/3085 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu THE FIRM AS A POOL OF FACTOR COMPLEMENTARITIES ASSAR LINDBECK DENNIS J. SNOWER CESIFO WORKING PAPER NO. -
The University Gallery Henri Theil Collection on Display in UF's Gary
For Immediate Release: September 8, 2015 Media Contact: Leah Spellman, APR Public Relations and Marketing Manager University of Florida College of the Arts Office: 352.273.1489 | Cell: 904.419.3346 [email protected] UG @ 50: The University Gallery Henri Theil Collection On Display in UF’s Gary R. Libby Gallery August 24 Through October 16 Gainesville, Fla., September 8, 2015 — University Galleries at the University of Florida (UF) is pleased to present UG @ 50: The University Gallery Henri Theil Collection in the Gary R. Libby Gallery located on UF’s campus Aug. 24 through Oct. 16, 2015. The dedication of the Gary R. Libby Gallery will take place Friday, Sept. 18, 2015 from 6-7 p.m. for invited gallery members. The public is invited to attend a reception for UG @ 50: The University Gallery Henri Theil Collection following the gallery dedication from 7-9 p.m. Concurrent receptions will occur in University Gallery and in Grinter Gallery. The Henri Theil Collection is assembled from purchase awards from the College of the Arts’ annual student juried exhibition, and is funded through an endowment established in 1994 for University Gallery by Dr. and Mrs. Henri Theil. The Theil endowment is an important factor in the development of exhibitions for University Gallery. Each of the three University Galleries has been honored by a gift of this type that is specific to gallery functions, with the most recent being the Gary R. Libby endowment for this gallery, which was previously known as Focus Gallery. Henri Theil was born in Amsterdam, the Netherlands, in 1924.