Central Economics and Mathematics Institute

About: Central Economics and Mathematics Institute is a facility organization based out in Moscow, Russia. It is known for research contribution in the topics: Population & Foreign-exchange reserves. The organization has 297 authors who have published 580 publications receiving 6449 citations. The organization is also known as: Federal State Institution of Science Central Economics and Mathematics Institute of the Russian Academy of Sciences.

Special Issue on Variational Inequalities: Consistent Conjectural Variations Coincide with the Nash Solution in the Meta-Model

Abstract: We keep investigating the properties of consistent conjectural variations equilibrium (CCVE) developed for a single-commodity oligopoly. Although, in general, the consistent conjectures are distinct from those of Cournot-Nash, in our previous papers, we established the following remarkable fact. Define a meta-model as such where the players are the same agents as in the original oligopoly but now using the conjectures as their strategies. Then the Cournot-Nash equilibrium in the meta-model generated the consistent conjectural variations equilibrium in the original oligopoly. In this paper, we study the conditions under which the inverse is also true, that it, every consistent CVE provides for the Cournot-Nash optimal strategies for the meta-model. This equivalence allows one to extend the concept of CCVE to other kinds of economic and financial models lacking the oligopoly structure.

Проблемы развития институциональной экономики

Abstract: The development of institutionalism was not limited to the transition from the old theory to the new one: time is changing, the behavior of economic agents – ​carriers, voluntary or involuntary, of the institutions, whether formal or informal, is changing, – ​institutions that, in turn, are themselves the object of changes. This nature of the object under study poses a difficult task for researchers: to identify, with the help of changing (developing, adapting) tools, the essence of the modern institutions and the ones that can take place in the future, which is in a state of permanent development (evolution). The article describes the system logic of institutions, the reasons for institutional changes, especially caused by the current pandemic, highlights the problems and prospects for the development of the institutional economics from an ecosystem perspective. The latter circumstance presupposes going beyond the purely systemic approach to the study of the institutional system by including the features of the interaction of the system under study with the relevant metasystem, which forms a functional unity with the system and, therefore, is interpreted in aggregate as an ecosystem.

Tools of the Technocenosis Theory for Forecasting Electricity Consumption in Russia

Abstract: The presented study of patterns of changes in specific (per capita) electricity consumption (SEC) in developed and developing countries, as well as in Russian regions, demonstrates that Russia does not have preconditions for electricity consumption growth to over 1400 bn kWh under the high scenario of the demographic forecast and to over 1300 bn kWh under the medium scenario. While differences between SECs in developed and developing countries have been decreasing since the 1960s, SEC differentiation among Russian regions is increasing. The conclusion reached using tools of the technocenosis theory is that efforts should be focused not on electricity consumption growth in regions with high energy supply (those specializing in mineral production and metallurgy), but on increasing SEC in outsider regions. The problem of reducing differences in SEC between Russian regions is important for the structural stability of the national economy as a system.

Global Health Care System after Coronavirus: Who Has Responsibility to Protect

Abstract: The debate between the US and China about the responsibility for the COVID-19 pandemic raises important questions about the obligations of national governments in the global health care domain. Whereas the US attempts to put the blame on China do not have any serious legal or moral justifications, there is certainly a rationale for the establishment of certain minimal standards in the provision of health care for particular countries. Externalities in the global health care protection are too obvious – costs of underinvestment into the national health care system are borne not only by the country in question, but by the whole world. It is argued that countries should have certain obligations in providing health care services and protecting the population from diseases, especially infectious diseases, similar to the obligations in the framework of the responsibility to protect (R2P) concept that requires countries to protect their citizens from human rights violations. From the point of view of ensuring high life expectancy at a given level of per capita income and spending on health care, China is doing better than many other countries, including the United States that has high per capita income, spends 17% of GDP on health care, but does not provide universal access to health care and lags behind countries with a similar level of economic development in terms of life expectancy (79 years).

ОЦЕНКА ЭФФЕКТИВНОСТИ ИНВЕСТИЦИОННЫХ ПРОЕКТОВ В УСЛОВИЯХ РИСКА И НЕОПРЕДЕЛЕННОСТИ (Investment Project Evaluation under Risk and Uncertainty)

Abstract: Russian Abstract: Излагается новая теория ожидаемого эффекта для оценки инвестиционных проектов в условиях риска и неопределенности. Она ориентирована на анализ различных сценариев реализации проекта. Даны формализованные описания различных видов неопределенных величин: интервальных, нечетких, наделенных правдоподобием, случайных, интервально-случайных и других. Для установления общего вида критериев сравнения проектов с неопределенными результатами используется аксиоматический подход (в частности, такие критерии должны быть монотонными и аддитивными). Этот подход позволяет также исследовать ситуацию, когда неопределенные результаты проекта распределены во времени. English Abstract: This book gives the new expected effect theory of investment project evaluation under risk and uncertainty. This theory is oriented towards the analysis of various project realization scenarios. A formal description is provided for the interval, fuzzy, likelyhooded, random, interval-random and other types of uncertain values. To elaborate a general form of criteria allowing comparisons across projects with uncertain outcomes, the use is made of an axiomatic approach (in particular, it is noticed that such criteria should be monotone and additive). This approach has also allowed exploring a situation where uncertain project outcomes are occurring at different times (i.e. uncertain flow of project costs and effects).