Book•
Intermediate microeconomics : A modern approach
01 Jan 2006-
TL;DR: The Varian approach as mentioned in this paper gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation, and is still the most modern presentation of the subject.
Abstract: This best-selling text is still the most modern presentation of the subject. The Varian approach gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation.
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23 Aug 2013
TL;DR: Thomas W. Miller addresses multiple business challenges and business cases, including segmentation, brand positioning, product choice modeling, pricing research, finance, sports, text analytics, sentiment analysis, and social network analysis, using data visualization and statistical graphics.
Abstract: Today, successful firms compete and win based on analytics. Modeling Techniques in Predictive Analytics brings together all the concepts, techniques, and R code you need to excel in any role involving analytics. Thomas W. Millers unique balanced approach combines business context and quantitative tools, appealing to managers, analysts, programmers, and students alike. Miller addresses multiple business challenges and business cases, including segmentation, brand positioning, product choice modeling, pricing research, finance, sports, text analytics, sentiment analysis, and social network analysis. He illuminates the use of cross-sectional data, time series, spatial, and even spatio-temporal data. For each problem, Miller explains why the problem matters, what data is relevant, how to explore your data once youve identified it, and then how to successfully model that data. Youll learn how to model data conceptually, with words and figures; and then how to model it with realistic R programs that deliver actionable insights and knowledge. Miller walks you through model construction, explanatory variable subset selection, and validation, demonstrating best practices for improving out-of-sample predictive performance. He employs data visualization and statistical graphics in exploring data, presenting models, and evaluating performance. All example code is presented in R, todays #1 system for applied statistics, statistical research, and predictive modeling; code is set apart from other text so its easy to find for those who want it (and easy to skip for those who dont).
18 citations
01 Jan 2019
TL;DR: In this article, the authors present an ecological monetary theory (EMT) that is simultaneously rooted in a social understanding of money, and an ontology of embeddedness, in order to address the contradiction at the heart of both social and material conceptions of money.
Abstract: Money is the most ubiquitous institution on the planet. It gave rise to literacy, mathematics, sedentary community, and the concept of universal value. Against this backdrop, however, hardly anyone understands what money is. Orthodox monetary theory conceives of money as a neutral commodity that facilitates barter. Presupposing this theory is a dualistic and atomistic ontology in which reality is organized into hierarchically ordered opposites of superiority and inferiority and complex interactions are reduced to summations of their attendant parts. Accordingly, monetary policy is enacted as though money were any other commodity, subject to the barter dynamics of supply and demand. In this manner, the vast majority of money in modern economies is created by commercial banks in pursuit of profit maximization. An interdisciplinary literature conceives of money as a social relation of credits and debts denominated in a unit of account. Such an approach complicates and undermines the assumptions of economic theory and allows for a more effective approach to the problems attendant to modern money. This dissertation draws upon this literature to develop an Ecological Monetary Theory (EMT) that is simultaneously rooted in a social understanding of money, and an ontology of embeddedness. The first chapter draws upon ecofeminist theory to explore the ontological presuppositions of neoclassical economic theory and the monetary theory it informs. It argues that the dualism and atomism central to Western philosophy manifest as the misleading conceptualization that money is a commodity that facilitates barter. It then explores an interdisciplinary literature to argue that barter has never existed as an economic mode and money’s nature lies rather in the unit of account. It then argues that ecological economics must develop a theory of money of its own in order to avoid importing the dualistic ontology at the heart of orthodox monetary theory. The second chapter develops an ecological monetary theory. It does this by using an interdisciplinary literature to answer three closely-related questions: What is money? How does money get its value? How does money get into society? It then develops an ontology of embededdness by exploring the ontological presuppositions of ecological economics and ecofeminism. Then it develops a two-tiered theory in which money’s abstract social nature is mediated against its tangible biophysical claim through this ontology of embeddedness in order to address the contradiction at the heart of both social and material conceptions of money. The third chapter uses ecological monetary theory to test the desirability of a public banking proposal. In such a proposal, the prerogative of money creation is taken from the commercial banking sector and given solely to the State. This returns seigniorage to the public and allows the government to create money for social and ecological purpose, destroying money through taxation in order to maintain the money’s value. This chapter determines that, given certain parameters, public banking is a desirable alternative to the current monetary system.
18 citations
TL;DR: In this paper, the authors proposed a framework for organizational wisdom (OW) to understand the market and improve the judgment and communication of decision-making in a learning organization, based on which a firm clusters a specific set of knowledge dynamically through time and reaches a level of exceptional understanding about the market.
Abstract: Marketing literature, while acknowledging the relevance of organizational learning for a better market understanding, has shown remarkably little effort to develop a framework for organizational wisdom (OW). A learning organization becomes wiser through time. Knowledge acquisition and exploitation are the foundation for differentiation between firms and sustain value creation. Therefore, this paper aims to integrate OW with previously validated marketing concepts in a broader nomological network.,The authors review extant literature associated to OW and offer a theoretical model to clarify the conceptual domain of this construct.,This study develops the theory of OW, arguing that when a firm clusters a specific set of knowledge dynamically through time, the organization reaches a level of exceptional understanding about the market and improves the judgment and communication of decision-making. Moreover, this study partializes the effect of the market orientation construct through its components for better outcomes in the value innovation process.,Based on the theoretical support, therefore, the authors provide a framework identifying the properties of OW, as well as the antecedents (a set of organizational knowledge) and consequences of OW (innovation and marketing capabilities development), specifying the moderation role of the marketing function influence.
18 citations
TL;DR: The authors argues that ecological economics must develop a theory of money that is simultaneously rooted in an understanding of money's socio-history, and an ontological reimagining of dualized Western culture.
Abstract: Money is the most ubiquitous institution on the planet and lays the foundation for human civilization. As such it should underlie economic theory. Due to the dualized nature of Western culture, however, mainstream economic theory assumes that money is simply a value relation to make barter efficient. This theory is manifest in orthodox monetary theory and policy. Ecological economics understands the problems attendant to modern money but has heretofore not developed a theory of money of its own. In order to make its economic theory and policy prescriptions viable, this paper argues that ecological economics must develop a theory of money that is simultaneously rooted in an understanding of money’s socio-history, and an ontological reimagining of dualized Western culture.
18 citations
Cites background from "Intermediate microeconomics : A mod..."
...31–32) sets the numeraire price to one and it becomes the price relative to which all other prices are interpreted [55] (pp....
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TL;DR: In this article, the authors employ Multiobjective Programming (MP) to seek so-called efficient policies and combine the MP approach with a computable general equilibrium (CGE) model.
Abstract: Macroeconomic policy makers are typically concerned with several indicators of economic performance. We thus propose to tackle the design of macroeconomic policy using Multicriteria Decision Making (MCDM) techniques. More specifically, we employ Multiobjective Programming (MP) to seek so-called efficient policies. The MP approach is combined with a computable general equilibrium (CGE) model. We chose use of a CGE model since they have the dual advantage of being consistent with standard economic theory while allowing one to measure the effect(s) of a specific policy with real data. Applying the proposed methodology to Spain (via the 1995 Social Accounting Matrix) we first quantified the trade-offs between two specific policy objectives: growth and inflation, when designing fiscal policy. We then constructed a frontier of efficient policies involving real growth and inflation. In doing so, we found that policy in 1995 Spain displayed some degree of inefficiency with respect to these two policy objectives. We then offer two sets of policy recommendations that, ostensibly, could have helped Spain at the time. The first deals with efficiency independent of the importance given to both growth and inflation by policy makers (we label this set: general policy recommendations). A second set depends on which policy objective is seen as more important by policy makers: increasing growth or controlling inflation (we label this one: objective-specific recommendations).
18 citations
Additional excerpts
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