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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TL;DR: This article study the determinants of average pay across all levels of staff seniority for UK banks between 2003 and 2012 and show that pay is affected by agency problems but not by bank operating performance.
Abstract: We study the determinants of average pay across all levels of staff seniority for UK banks between 2003 and 2012. We show that pay is affected by agency problems but not by bank operating performance. Average pay does not depend on accounting outcomes at the bank level. By contrast, average pay is positively affected by the presence of a Remuneration Committee and the proportion of Non-Executives on the Board. These findings indicate that bank pay is determined by agency issues, not bank accounting performance. Our results have practical implications for bank shareholders and regulators, suggesting the need for greater transparency in governance of bank pay.
5 citations
Posted Content•
TL;DR: This paper presents a new method to approximate mixed strategy Nash equilibria in multi-player continuous games, which always exist and include the pure ones as a special case, and consistently and significantly outperforms recent works on approximating Nash equilibrium.
Abstract: Nash equilibrium has long been a desired solution concept in multi-player games, especially for those on continuous strategy spaces, which have attracted a rapidly growing amount of interests due to advances in research applications such as the generative adversarial networks. Despite the fact that several deep learning based approaches are designed to obtain pure strategy Nash equilibrium, it is rather luxurious to assume the existence of such an equilibrium. In this paper, we present a new method to approximate mixed strategy Nash equilibria in multi-player continuous games, which always exist and include the pure ones as a special case. We remedy the pure strategy weakness by adopting the pushforward measure technique to represent a mixed strategy in continuous spaces. That allows us to generalize the Gradient-based Nikaido-Isoda (GNI) function to measure the distance between the players' joint strategy profile and a Nash equilibrium. Applying the gradient descent algorithm, our approach is shown to converge to a stationary Nash equilibrium under the convexity assumption on payoff functions, the same popular setting as in previous studies. In numerical experiments, our method consistently and significantly outperforms recent works on approximating Nash equilibrium for quadratic games, general blotto games, and GAMUT games.
5 citations
Cites methods from "Intermediate microeconomics : A mod..."
...application for Generative Adversarial Networks (GANs) (Goodfellow et al., 2014), as well as many important game types such as the colonel blotto game (Gross & Wagner, 1950), Cournot competition (R, 1996). We develop a solution signicantly improves the status-quo. There have been several successful approaches to compute Nash equilibrium for multi-player (mostly 2-player) continuous game (Raghunathan ...
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TL;DR: In this paper, the authors use an inductive approach based on qualitative methods combined with the social-ecological system framework (SESF) to depict how highly context-dependent German winter wheat breeding, multiplication, and farming activities are.
Abstract: Varietal and genetic diversity sustain modern agriculture and is provided by breeding systems. Failures in these systems may cause insufficient responses to plant diseases, which threatens food security. To avoid these failures, an understanding of the governance challenges in providing varietal and genetic diversity is required. Previous studies acknowledge the complexity of seed breeding, framing the discussion in terms of rivalry and excludability. We consider breeding systems as social-ecological systems that focus on activities that generate varietal and genetic diversity and their adaptive ability. We use an inductive approach based on qualitative methods combined with the social-ecological system framework (SESF) to depict how highly context-dependent German winter wheat breeding, multiplication, and farming activities are. Our results show that the challenges for governance lie in providing credible and symmetric information on variety performance to all actors. This is the means to steer actors into collective action by subcontracting, buying, or saving seed. Based on our application of the SESF to the German wheat breeding system, we propose to develop a more general, sectoral SESF for the sustainable governance of plant breeding by offering an adaptable template for analyses of seed systems in other contexts.
5 citations
Cites background from "Intermediate microeconomics : A mod..."
...From an economic perspective, varieties are bundles of attributes where each farmer or breeder has a unique satiation point for a specific combination of attributes compared to bundles that deviate from this ideal combination (Varian 2006)....
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TL;DR: In this article, the authors show that the welfare-maximizing monitoring intensity is zero, hence the government is not likely to engage in monitoring infringement, and that the trademark owner may consider monitoring the market himself, discovering, however, that this is worth his while only if the penalty for infringement, which he fully collects, is sufficiently high.
5 citations
TL;DR: An admission-level bandwidth management scheme consisting of call admission control (CAC) and dynamic pricing, which can guarantee that the number of connection requests to the system are less than or equal to certain optimal values computed dynamically, hence, ensuring a congestion-free system.
5 citations