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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01 Jan 2018
TL;DR: In this paper, the authors unterscheiden sich das Verhaltnis der Rechtswissenschaft zur Industrieokonomik einerseits und andererseits zur (allgemeinen) Law and Economics-Forschung, erheblich.
Abstract: Die Industrieokonomik bildet – wie etwa auch Law and Economics – einen Zweig der angewandten Mikrookonomik. Industrieokonomische Analysen, die Marktregeln zum Gegenstand haben, konnen auch als spezielle Law and Economics-Forschung verstanden werden, gleichsam als „Competition Law and Economics“. Indes unterscheiden sich das Verhaltnis der Rechtswissenschaft zur Industrieokonomik einerseits und andererseits zur (allgemeinen) Law and Economics-Forschung – d. h. zur okonomischen Theorie des Deliktsrechts, Vertragsrechts, Kapitalgesellschaftsrechts usw. – erheblich.
Dissertation•
01 Jan 2006
TL;DR: The purpose of this thesis is to develop a exible prices version of NEMO, a core model supported by surrounding satellite models which serve certain tasks and which relates the natural level of production to the real shocks in the economy.
Abstract: There is no single model that will serve best for all central bank purposes. NEMO (Norwegian Economy Model) is a core model supported by surrounding satellite models which serve certain tasks. Since Norges Bank is an ination targeting central bank, expectations and the lags with which the monetary policy a¤ects the economy should be paid particular attention, Norges Bank (2006). This is reected in NEMO, which is a modern DSGE (Dynamic Stochastic General Equilibrium) model, based on the International Monetary Funds multicountry Global Economic Model (GEM). NEMO is a smaller and simpler model than the GEM, but also modi
ed to better
t the Norwegian economy. NEMO is a two country model, microeconomic founded and builds on the New Keynesian framework, cf. Norges Bank (2006). The purpose of this thesis is to develop a exible prices version of NEMO. This is a completely theoretical thesis and it will not give any empirical results. There are various reasons for why we should care about a exible price solution of NEMO. The thesis focus on the natural level of production. Woodford (2003) argues that exible price models should serve as a benchmark for measuring the natural rate of output and the output gap. "The level of output that would occur in an equilibrium with exible prices, given current real factors (tastes, technology, government purchases) -what is called the "natural rate" of output, following Friedman (1968)-turns out to be a highly useful concept..." Woodford (2003, pp.8). Woodford mentions further that Wicksell (1898) discusses "the natural rate of interest", which is the real rate of interest that would be realized in an equilibrium with exible prices. "Natural" levels of macroeconomic variables are of highly importance for central banks. Natural level of production and the output gap, which is de
ned as the gap between the natural level of productio and actual production, are both of high importance in monetary theory, Walsh (2003). The output gap is an indicator for economic pressure and also enters in a central banks loss function. The DSGE framework opens for calculations of the natural levels, according to Woodfords de
nition. This relates the natural level of production to the real shocks in the economy. This will give us a more volatile natural level of output in proportion to other ways of extracting natural levels of production e.g. Hodrick-Prescott
ltering. On the other hand, as Neiss, K. S. and Nelson, E. (2005) state, the output gap is no longer a measure of the business cycle. The outputgap is solely related to the nominal rigidities. In addition to the removal of nominal rigidities, the exible price model is modi
ed from local currency pricing in NEMO, to producer currency pricing. This is done because it is assumed that domestic households are better o¤ in a model where domestic prices are exible and prices abroad are sticky, than in a model where all prices are exible. This assumption is debatable. It is not clear whether prices abroad should be exible or not. As long as exible home prices and sticky prices abroad are assumed, then producer currency pricing is needed to avoid monetary policy to have an e¤ect on the real economy. The exible price model of NEMO which is developed in this thesis consists of a system of 47 non linear equations and 47 endogenous variables. This include 16 shock processes, where 5 shocks are due to the exogenous foreign country, 4 shocks are preference shocks, 4 are markup shocks, 2 are technology shocks and 1 is public spending shock.
TL;DR: In this article, the authors show that the competitive economy, over a long time scale, would produce a large number of general equilibria each of which can be regarded as a possible microstate of this economy.
Abstract: In the statistical physics, each microstate must be permitted by the Newton equations (or Schrodinger equations). Likewise, each microstate of economic system must be allowed by the general equilibrium theory. Our study shows that the competitive economy, over a long time scale, would produce a large number of general equilibria each of which can be regarded as a possible microstate of this economy. Then by the principle of maximum entropy, we can obtain the most probable macrostate, which is shown as the revenue distribution of a society. In particular, we verify that the “assumption of representative agent” in modern micro-founded macroeconomics only holds in an ideal situation where the perfect competition involving a single industry is taken into account.
Posted Content•
TL;DR: In this article, the authors evaluate the efficiency of an online knowledge production project and identify factors that affect efficiency, using the Data Envelopment Analysis (DEA) modeling methodology.
Abstract: We evaluate the efficiency of an online knowledge production project and identify factors that affect efficiency. To assess efficiency, we used the Data Envelopment Analysis (DEA) modelling methodology. We apply DEA to data from more than 30 Wikipedia language projects over three years. We show that the main Wikipedia projects were indeed less efficient that smaller ones, an effect that can be attributed in part to decreasing returns to scale.