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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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TL;DR: The provider's task of having a suitable price policy which gives a satisfactory income and efficiently exploit network capacity is investigated, and how the multiple access scheme specified in the IEEE 802.11b protocol combines users' requests to a final allocation is studied.
Abstract: We investigate Wireless LAN hot-spots based on the IEEE 802.11b protocol, considering technical and economic issues of the Radio Resource Allocation. Firstly, we discuss how to model the trade-off between perceived QoS and paid price in the users' request, so as to represent the users as choosing the most satisfactory allocation, determined by service requirements and willingness to pay. After the setup of the users' requests, the multiple medium access mechanism is considered and the network performance is evaluated and discussed. Thus, we investigate the provider's task of having a suitable price policy which gives a satisfactory income and efficiently exploit network capacity. This is also dependent on a price setting that is accepted by the users and optimises resource usage. Finally, we study how the multiple access scheme specified in the IEEE 802.11b protocol combines users' requests to a final allocation, and identify possibilities of improvement for the inherent inefficiencies arising from overload.
6 citations
Cites background from "Intermediate microeconomics : A mod..."
...The usual approach to regulate such trends in economics [15] is to define parameters called sensitivities, which in our case describe how Ai changes according to variations of ui or pi....
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01 Jan 2005
TL;DR: It is shown that implementing support for asymmetric links can improve the efficiency of (service) production in Time Division Duplexing (TDD) mode wireless networks with asymmetric traffic, and introduces the concepts of speculative resource management to exploit traffic elasticity and improve resource utilisation.
Abstract: Economic affordability of services and infrastructures has rapidly become one of the key issues in the evaluation and design of wireless access systems. The provisioning of high data rates, at an “affordable” price, constitutes a serious challenge to the structure and management of current and future wireless networks. The management of radio resources, Radio Resource Management or RRM for short, has traditionally been benchmarked mostly by technical merits such as throughput (data delivery capability) and Quality of Service (QoS). When comparing different RRM schemes, the scheme that can deliver more bits per Hertz (unit of bandwidth) or per Euro is often assumed the more efficient. From an economic point of view, however, cost efficiency is not equivalent to profitability. We conjecture that the economic efficiency and profitability can be improved both by better technical efficiency and by better accounting for users’ service appreciation and willingness to pay. While we shall, primarily treat the operator’s benefit of improved RRM, we will try to improve the RRM by means of being more responsive to the demands of the users. In eight conference and journal papers, we investigate: Provisioning of support for asymmetric traffic, Quality and pricing aware resource management and Creation of forwarding incentive in multihop cellular networks. We show that implementing support for asymmetric links can improve the efficiency of (service) production in Time Division Duplexing (TDD) mode wireless networks with asymmetric traffic. That is, more traffic can be handled with the same system resources. Compared to Frequency Division Duplexing (FDD), TDD offers more flexible use of spectrum resources. The benefits of TDD and support for asymmetric links are readily available for systems providing high-rate spotty coverage. For systems aiming at full coverage and tight reuse, however, proper measures must be taken to control inter-mobileand inter-base-station-interference. We present the MEDUSA model framework for taking users’ service appreciation and willingness to pay into account in performance evaluations of wireless networks with elastic traffic. Assuming that user satisfaction depends on both the quality and the price of the service, numerical experiments show that the economic efficiency of an RRM scheme is affected by the pricing scheme. We also introduce the concepts of speculative resource management to exploit traffic elasticity and improve resource utilisation. With speculative admission control, users with good propagation conditions may be admitted to a full system at the expense of a slight degradation of the QoS of some or all users, if the expected total revenue would thereby increase. Results indicate significant revenue gain with speculative admission control. Service perception aware scheduling was evaluated as a means to improve resource utilisation, but yielded only marginal gain compared to a weighted proportional fair scheduler. For the third area studied in this Thesis, i.e. multihopping in cellular networks, economic efficiency was both the goal and one of the means to achieve it. By means of a resource re-distribution scheme called Resource Delegation we eliminated the bandwidth bottle neck of the relays. We combined Resource Delegation with economic compensation for the energy expenditures of the relays and were able to achieve significantly increased operator revenue with maintained or improved user utility. Assuming that the added complexity of keeping track of reward transactions is negligible, profitability was correspondingly improved.
6 citations
Cites methods from "Intermediate microeconomics : A mod..."
...A strong point of the MEDUSA model is the tunability, which makes it similar to the Cobb-Douglas curves [73], widely used in economics....
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TL;DR: The authors conjecture that market bubbles may be the results of the interplay of Goods and Bads (toxic products) which develop through three interlocking moments: herding, swarming and stampeding, with deviations marked by heteroscedasticity.
Abstract: We conjecture that market bubbles may be the results of the interplay of Goods and Bads (toxic products) which develop through three interlocking moments – herding, swarming and stampeding, with deviations marked by heteroscedasticity. We use our stylized model of financial predation, the Consolidated Model of Financial Predation, and data we have accumulated through in-the-field eight-year research and the study of 30 years of U.S. market history in order to explore the foundations of market crises. We find that blind trust (or the positivity bias) and of the fear to miss out on an opportunity to enter/exit a market impacts the investors’ decisions to invest or retract. We show how markets are driven towards a make-or-break predatory dynamic that creates winners and losers due in part to weak regulations and identify a constant k that permeates market behaviours.
6 citations
TL;DR: In this paper, the impact of minimum wage increases on Nigeria's macroeconomic development has been investigated using the ARDL and DOLS methods, which were used to study the relationships between the macroeconomic indicators.
Abstract: This paper contributes to clarifying the scientific debate on the impact of entrepreneurship development and wages increases on Nigeria’s macroeconomic development. The main purpose of this research is to estimate the impacts, problems, and consequences between wages growth and the growth of a long-term relationship between wages and investment. The article deals with the current state of Nigeria’s macroeconomic indicators. The methodological tools for the research are the ARDL and DOLS methods, which were used to study the relationships between the macroeconomic indicators. The research period is 1987–2019. The research empirically confirms and theoretically proves that the country operates under unstable and uncertain conditions, so it is difficult to achieve macroeconomic stability. Also, the article presents the results of the analysis, which has shown a positive and statistically significant effect of raising the minimum wages on economic growth both in the long and short term. The study results can be useful for state authorities, private sector, as well as for the researchers.
AcknowledgementsThis research was prepared as a part of the Scientific Project “Modeling the Transfer of Eco-Innovations in the Enterprise-Region-State System: Impact on Ukraine’s Economic Growth and Security” (No. 0119U100364), that is financed by the state budget of Ukraine.
6 citations