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Entwickelung der Gesetze des menschlichen Verkehrs und der daraus fließenden Regeln für menschliches Handeln
01 Jan 1889-
About: The article was published on 1889-01-01 and is currently open access. It has received 192 citations till now.
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TL;DR: In this article, the authors proposed project management as an answer to the transition from a previously centrally planned economy to a modern transition economy with strong market aspects in Central and Eastern Europe.
Abstract: The countries of Central and Eastern Europe moved from a previously centrally planned economy to a modern transition economy with strong market aspects. This paper proposes project management as an answer to this transition. Traditional Cost‐Benefit analysis does not respond to this purpose. Indeed Cost‐Benefit analysis is only interested in one specific project and not in a competition between projects. In addition all goals (objectives) have to be translated into money terms, leading sometimes to immoral consequences. On the contrary Multi‐Objective Optimization takes care of different objectives, whereas the objectives keep their own units. However different methods exist for the application of Multi‐Objective Optimization. The authors tested them after their robustness resulting in seven necessary conditions. MOORA (Multi‐Objective Optimization by Ratio analysis) and MULTIMOORA (MOORA plus Full Multiplicative Form), assisted by Ameliorated Nominal Group and Delphi Techniques, satisfy the seve...
520 citations
TL;DR: The financial economic theory was founded on several major theoretical breakthroughs in economic theory and has evolved into the tool that governs every financial market worldwide today as mentioned in this paper, and it is a unique example of how abstract mathematical theory can explain and extend real applications.
Abstract: Financial economic theory was founded on several major theoretical breakthroughs in economic theory and has evolved into the tool that governs every financial market worldwide today. It is a unique example of how abstract mathematical theory can explain and extend real applications. Phenomenologically, financial economic theory has become the common language used by all participants in financial markets. Moreover, it provides a solid framework for the study and the development of financial markets and its products.
305 citations
TL;DR: In this article, the authors distinguish two dimensions of the utility concept: the first dimension is the behavioral dimension, described by indifference curves in a commodity space, and the second dimension, the welfare dimension, i.e., the cardinal utility levels corresponding to indifference curves.
270 citations
TL;DR: This paper surveys the history and applications of the problem, as well as algorithmic approaches to its solution, and analyzes the most relevant references, especially regarding their originality and numerical findings.
204 citations
Cites background or result from "Entwickelung der Gesetze des mensch..."
...His work on marginal utility is found in the book [Gos1854] published in German, and much later translated into English in [Gos83] with the title The Laws of Human Relations and the Rules of Human Action Derived Therefrom....
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...Interestingly, his proofs of several of the results in his book [Gos1854] were based on ingenious diagrams, which he was the first to devise; the result in (a) is nowadays normally illustrated with the use of the indifference map but, as pointed out by N....
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TL;DR: In this article, the authors compare four versions of differential demand systems: the Rotterdam system, a version of the Almost Ideal Demand (AID) system, the CBS system and the NBR system.
Abstract: The functional form of consumer allocation models should be able to satisfy theoretical properties derived from the theory of consumer demand. The paper sketches four approaches that meet this condition. Of course, also empirical performance matters. Next to naive goodness-of-fit comparison, non-nested hypothesis testing can be employed. The latter technique is applied to a comparison of four versions of differential demand systems: the Rotterdam system, a version of the Almost Ideal Demand (AID) system, the CBS system and the NBR system. These systems are artificially nested in a more general model using scalar weights in contrast to Barten and McAleer (1991) who use matrix weights for this purpose. Annual data over the period 1921–1981 for The Netherlands for four major groups of consumer expenditure have been used for the empirical application. The CBS system dominates the others.
197 citations