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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: A method to characterize human preferences and how they are integrated into the decision making process of a complex probability-based card bidding game is introduced and the results show that different preferences to the multi-attributes can lead to different profit outcomes.
Abstract: Human preferences or attitudes towards risk should play a vital role in a decision making task with imperfect information and uncertain outcomes. We introduce a method to characterize human preferences and how they are integrated into the decision making process of a complex probability-based card bidding game. When assessing the preferences, a utility-to-preference (UP) function is devised for easier mapping between preferences and how much a player is willing to bid. Using the developed approach, we can better identify how different human preferences and their interaction affect the game outcomes. We focus on a highly addictive poker game that has become a multi-billion dollar internet business. The method was evaluated through data obtained from two decision makers (DMs) with different expertise. The integrated decision making process was designed and automated through Monte Carlo simulation. The results show that different preferences to the multi-attributes can lead to different profit outcomes. The results can further serve as a basis to identify vulnerable populations1 for the socio-technical online bidding game.
4 citations
23 May 2015
TL;DR: This paper analyzes to what extent the added workload on faculty entailed by pedagogical measures introduced with the aim of increasing the pass rate of the course without lowering its high quality standards and concludes that continuous assessment is expensive.
Abstract: The first programming course (Programming-1, CS1) in the Informatics Engineering Degree of the Facultat d’Informatica de Barcelona was completely redesigned in 2006 in order to reinforce the learn-by-doing methodology. Along the following eight years several pedagogical measures —mostly related with continous assessment— were introduced with the aim of increasing the pass rate of the course without lowering its high quality standards. This paper analyzes to what extent the added workload on faculty entailed by these measures affects the pass rate. We use a classical marginal cost-benefit approach —from Economics— to compare these two values along time. This process allows us to relate the evolution of the pass rate of students with the workload of the faculty through a productivity curve, as well as to assess the impact of each pedagogical measure. We conclude that, for this course, continuous assessment is expensive. In fact, abstracting from short term oscillations, the slope of the productivity curve is close to zero.
4 citations
Cites background or methods from "Intermediate microeconomics : A mod..."
...Recall that the S-curve shape in Economics [13] has generally the interpretation that once the inflection point is reached there is no sense to continue increasing the input (i....
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...Economists define productivity or effectiveness as the ratio of outputs to inputs used in the production process [13]....
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...Therefore we talk about the course productivity at timestamp t Πt as the ratio of these two quantities over time, i.e., Πt = Pt/Wt. Recall that the S-curve shape in Economics [13] has generally the interpretation that once the inflection point is reached there is no sense to continue increasing the input (i.e., the workload of the course, in our case) because this increment has no impact on the output....
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...Making again an abusing use of economics terminology, we call this rate the marginal gain at time t of the undertaken measure [13]....
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...We propose a simple way to interpret them under economic terms by means of productivity and marginal gain notions [13]....
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03 May 2010
TL;DR: The article analyses the development of prices in real estate market in the USA during last 35 years concentrating on the changes in the last decade and modeling reveals the main issues in market saturation.
Abstract: Several recent years have been marked by challenges to financial markets. It is especially applicable to real estate markets. The article analyses the development of prices in real estate market in the USA during last 35 years concentrating on the changes in the last decade. Employing the logistic theory of capital management, the authors identify the problematic stages of crises and to highlight the stages of their formation and problems occurred. The article emphasizes the problem of market capacity and sequential growth. The data is processed by using the system ‘Loglet Lab2’. Modeling reveals the main issues in market saturation.
4 citations
01 Jan 2002
TL;DR: A robust parameter for capturing congestion conditions in an edge-to-edge framework is identified and a new adaptive pricing framework, Price Discovery is proposed, which develops and analyzes four pricing schemes and identifies stability conditions for the best scheme.
Abstract: Congestion-sensitive pricing for providing better than best effort service has received significant attention in the last decade. In this paper we identify a robust parameter for capturing congestion conditions in an edge-to-edge framework and propose a family of adaptive pricing schemes for premium network services. The parameter is the ratio of two values: Edge queue and estimated edge-to-edge capacity. By coordination between edge routers, both of the values are available at the ingress point in an edge-to-edge framework. Thus, the pricing schemes deployable. Based on the identified parameter, we propose a new adaptive pricing framework, Price Discovery. Based on the Price Discovery framework and the identified pricing parameter, we develop and analyze four pricing schemes. We compare the pricing schemes, and select the best one in performance. We identify stability conditions for the best scheme. This is followed by evaluation of the best pricing scheme with extensive simulations of various scenarios.
4 citations
TL;DR: In this article, the authors developed a prediction model for the economically viable crown wood volume of European beech trees based on the multistage randomized branch sampling method (RBS) and developed a method able to distinguish between economically viable and unviable crown branches.
4 citations