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Author: Alfred L Norman Publisher: World Scientific ISBN: 9814635308 Category : Business & Economics Languages : en Pages : 250
Book Description
What algorithms are tractable depends on the speed of the processor. Given the speed of digital computers, polynomial algorithms are considered tractable. But, a human can take several seconds to make one binary comparison between two pens. Given this slow speed, sublinear algorithms are considered tractable for an unaided human and this defines Simon's concept of bounded rationality.Humans make simplifications to solve the intractable consumer optimization problem. Consumers search for goods and services item-by-item, which greatly reduces the number of alternatives to consider. In addition, consumers have operators that can process a set in a single operation. Also, consumers budget by incremental adjustment.In considering consumer performance the question to ask is how close to optimal is consumer performance and not whether consumers optimize as a yes/no question. Given the ordinal nature of utility theory this creates a basic measurement problem. The book presents a review of the literature on consumer performance.This is an opportune time to study consumer procedures because the Internet provides a media to make substantial improvements in consumer performance. The book includes a case study comparing the performance of a digital camera selection code with the advice of sales people. A field experiment demonstrates that the software code provides better advice.
Author: Alfred L Norman Publisher: World Scientific ISBN: 9814635308 Category : Business & Economics Languages : en Pages : 250
Book Description
What algorithms are tractable depends on the speed of the processor. Given the speed of digital computers, polynomial algorithms are considered tractable. But, a human can take several seconds to make one binary comparison between two pens. Given this slow speed, sublinear algorithms are considered tractable for an unaided human and this defines Simon's concept of bounded rationality.Humans make simplifications to solve the intractable consumer optimization problem. Consumers search for goods and services item-by-item, which greatly reduces the number of alternatives to consider. In addition, consumers have operators that can process a set in a single operation. Also, consumers budget by incremental adjustment.In considering consumer performance the question to ask is how close to optimal is consumer performance and not whether consumers optimize as a yes/no question. Given the ordinal nature of utility theory this creates a basic measurement problem. The book presents a review of the literature on consumer performance.This is an opportune time to study consumer procedures because the Internet provides a media to make substantial improvements in consumer performance. The book includes a case study comparing the performance of a digital camera selection code with the advice of sales people. A field experiment demonstrates that the software code provides better advice.
Author: Steven E. Landsburg Publisher: World Scientific ISBN: 9811263329 Category : Business & Economics Languages : en Pages : 832
Book Description
Price Theory and Applications challenges students to master the economic way of understanding the world, with equal emphasis on intuition and precise logic, and special emphasis on the interplay between them. The writing is inviting, humorous, and sometimes folksy, without sacrificing the insistence that arguments need to be airtight. Important concepts are introduced via entertaining examples and fleshed out with rigor.The learning experience is supported by a vast number of intriguing and entertaining exhibits, examples, numerical exercises, and problem sets, some integrated within the text and others included at the end of chapters. The problems vary widely in their demands on students — some are straightforward applications of the theory, while others require a great deal of creativity and a willingness to think considerably outside the box.
Author: Geoff Renshaw Publisher: Oxford University Press ISBN: 0198839502 Category : Econometrics Languages : en Pages : 747
Book Description
Maths for Economics provides a comprehensive and solid foundation in core mathematical principles and methods used in economics, beginning with revisiting basic skills in arithmetic, algebra, equation solving, and slowly building to more advanced topics.Suitable for those with a range of prior school-level expereince or more generally for those who feel they need to go back to the very basics, students can learn with confidence.Drawing on his extensive experience of teaching in the area, the author appreciates that maths can be a daunting topic for many. As such the text is fully supports the reader by using a combination of engaging learning features including summary sections, examples to show how theory is used inpractice and progress exercises, which encourage independent study. Each chapter ends with a conclusion check list to allow students to reflect on topics as they master them.Digital formats and resourcesThe fifth edition is available for students and institutions to purchase in a variety of formats, and is supported by online resources.The e-book offers a mobile experience and convenient access along with functionality tools, navigation features, and links that offer extra learning support: www.oxfordtextbooks.co.uk/ebooksOnline resources supporting the book include,For Students:- Ask the author forum- Excel tutorial- Maple tutorial- Further exercises- Answers to further questions- Expanded solutions to progress exercisesFor Lecturers:- Test exercises- Graphs from the book- Answers to test exercises
Author: Angus Deaton Publisher: Cambridge University Press ISBN: 9780521296762 Category : Business & Economics Languages : en Pages : 468
Book Description
For advanced courses in economic analysis, this book presents the economic theory of consumer behavior, focusing on the applications of the theory to welfare economies and econometric analysis.
Author: Moriki Hosoe Publisher: Springer ISBN: 981131876X Category : Business & Economics Languages : en Pages : 235
Book Description
This book analyzes the various problems of growth, trade and public policy from the perspective of applied economics, based on research in areas such as public policies, trade and regulation, and development economics. Part 1 investigates the broad problems of growth and regional economy, focusing on economic developments in Japan and Korea. Part 2 discusses trade and foreign investment in Japan, mainly on an empirical basis. Part 3 then examines various public economic policies using applied analysis tools. The papers in this volume have been collected to commemorate ten years of academic exchange between the Japan Association for Applied Economics (JAAE) and the Korean Economics and Business Association (KEBA), and include an applied economic analysis of growth and trade in Korea and Japan.
Author: Gregory C. Chow Publisher: Oxford University Press, USA ISBN: 0195101928 Category : Business & Economics Languages : en Pages : 249
Book Description
This work presents the optimization framework for dynamic economics and treats a number of topics in economics, including growth, macroeconomics, microeconomics, finance and dynamic games. The book also teaches by examples, using concepts to solve simple problems, moving on to general propositions.
Author: Matti Estola Publisher: Springer ISBN: 3319468790 Category : Business & Economics Languages : en Pages : 476
Book Description
Presenting the dynamic laws of economic quantities, this book tackles one of the core difficulties of current economic theory: that of transforming abstract equations of equilibrium into precise dynamic rules. The theoretical framework of neoclassical micro theory has historically prohibited its development into a quantitative science. Estola identifies the main weaknesses of this framework as follows: 1) Static optimization does not allow for the modelling of time-dependent production and consumption flows; 2) The assumption of optimal behaviours forecloses any understanding of changes in economic quantities, as none will change its optimal behaviour. The author of this title assumes that economic units tend to better their situation where possible. The book demonstrates how this approach leads to an analogous framework in economics to the Newtonian framework in physics. The ‘forces’ acting upon economic quantities, which either cause adjustment toward an equilibrium state or keep the system in motion with time, are defined such that the neoclassical framework corresponds to a ‘zero-force’ situation. Introducing a system of measurement units for economic phenomena, Estola applies this throughout, and thereby illuminates a way for microeconomics to meet the minimum requirements of quantitative analysis.
Author: Yong Chen Publisher: Routledge ISBN: 1000372383 Category : Business & Economics Languages : en Pages : 415
Book Description
This book offers students an accessible and applied introduction to microeconomics in tourism and hospitality through a comprehensive analysis of the market mechanism, demand and supply, firm behavior and strategy, and transaction and institution. This book not only helps students to master core microeconomic theories that are essential for understanding the tourism and hospitality industry, but, more importantly, it guides students to analyze consumer behavior and firm strategy specific to the industry. Throughout the book, readers are guided to develop the economic analysis of tourism and hospitality that progresses from economic intuition to graphical representation and to mathematical quantification. Carefully corralled case studies showcase the applications of key microeconomic theories in solving a wide range of real-world problems, including Uber’s surge pricing, Airbnb’s supply adjustment, and McDonald’s and Burger King vying for prime locations. This book is written in an accessible style, illustrated with exquisite diagrams, and enriched with a range of other features, such as chapter summaries, review questions, and further readings to aid readers’ further understanding. By reading this book, students will be able to develop an economist’s way of thinking, which will enable them to analyze tourism and hospitality businesses in a rigorous and critical manner. This book is essential reading for all tourism and hospitality students and teachers.
Author: Kenneth Joseph Arrow Publisher: Harvard University Press ISBN: 9780674137776 Category : Business & Economics Languages : en Pages : 500
Book Description
Unlike the papers of some other great economists, those of Kenneth Arrow are being read and studied today with even greater care and attention than when they first appeared in the journals. The publication of his collected papers will therefore be welcomed by economists and other social scientists and in particular by graduate students, who can draw from them the deep knowledge and the discernment in selection of scientific problems that only a master can offer. The author has added headnotes to certain well-known papers, describing how he came to write them. The study of production is central to economic theory, and capital and its accumulation are two of the most interesting aspects of the modern production process. Capital may take the form of inventories of inputs, inventories of outputs, or machines and other fixed goods. The essential and unique aspect of all types of capital is that it must be accumulated as the result of prior stages of the production process. This gives the dynamic theory of production a recursive structure that can be exploited by economic analysis. The optimization of production under recursive conditions lends itself to general mathematical methods of dynamic programming and optimal control theory. This is the main theme of the essays included in this fifth volume of Kenneth Arrow's Collected Papers.
Author: Alfred L Norman
Author: Alfred L Norman
Author: Steven E. Landsburg
Author: Geoff Renshaw
Author: Angus Deaton
Author: Moriki Hosoe
Author: Gregory C. Chow
Author: Matti Estola
Author: Yong Chen
Author: Bin Zhou
Author: Kenneth Joseph Arrow