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: In this article, a simple and effective way for improving student comprehension of collusion is presented, where this exercise results in collusion where the duopolists produce more total output than that of a monopolist while enjoying greater joint profits.
1 citations
01 Jan 2017
TL;DR: The second half of this book considers the microeconomic aspects of public finance, which are standard topics of modern public finance as discussed by the authors, and it is also useful to read standard textbooks on public finance such as Rosen (2014) and Stiglitz (2015).
Abstract: The second half of this book considers the microeconomic aspects of public finance, which are standard topics of modern public finance. With regard to a useful textbook on microeconomics, see Varian (2014) among others. It is also useful to read standard textbooks on public finance such as Rosen (2014) and Stiglitz (2015).
1 citations
TL;DR: A mathematical model of multicriterial preferences is shown, in which the preference relation is formed with interval estimates of relative tradeoffs of values of one criteria with values of other criteria.
Abstract: We show and validate a mathematical model of multicriterial preferences, in which the preference relation is formed with interval estimates of relative tradeoffs of values of one criteria with values of other criteria. We develop a theory and multicriterial problem analysis methods based on this model.
1 citations
Additional excerpts
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01 Jan 2017
TL;DR: In this paper, a comparative study of different approaches to using a Discrete Periodical Time Micro-structure model is presented, where three filtering techniques (Kalman, Unscented Kalman and Bootstrap Particle) are used in an asset allocation strategy.
Abstract: This paper is a comparative study of different approaches to using a Discrete
Time Micro-structure model. By using the three filtering techniques Extended
Kalman, Unscented Kalman and Bootstrap Particle, the hidden variables; excess
demand and market liquidity, were estimated and used in an asset allocation
strategy that invested in the asset when the excess demand as estimated as positive,
due to the assumption that positive excess demand would make the price go
up. Two different strategies were used—one based on threshold values of excess
demand and one binary approach simply using the sign of the excess demand—to
try to outperform a passive allocation strategy on 12 different stock indices. They
were then evaluated in terms of average daily returns and market timing. The
results showed favourable average daily returns for the Extended and Unscented
Kalman filtering techniques using both kinds of strategies, though none of the results
were statistically significant at the 5% confidence level. The Bootstrap Particle
was deemed generally unreliable. The market timing tests rejected the null
hypothesis of no market ability for most data sets using all three filtering techniques,
with the two Kalman filters yielding the best results. Nothing was concluded
about which filtering technique was superior, though the study indicates
that Kalman filtering techniques can be used successfully in many cases while the
Bootstrap Particle filter as used in this thesis is not reliable. The threshold-based
strategy got slightly worse results in general than those of the binary approach,
but this was tested without taking transaction costs into account.
1 citations
Cites background from "Intermediate microeconomics : A mod..."
...…of asset price—the notion that the market price can be derived from the intersection between the supply and demand curves, representing how much the market is ready to supply a good given a specific price and how much the market demands to buy the good at that price (Varian, 2010, p. 293)....
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