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'Economics' in all fields;
1252 items found
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Displaying Results 1 - 25 of 1252 on page 1 of 51
Marked
Mark
Taming the Incomputable, Reconstructing the Nonconstructive and Deciding the Undecidable in Mathematical Economics
(2007)
Velupillai, K. Vela
Taming the Incomputable, Reconstructing the Nonconstructive and Deciding the Undecidable in Mathematical Economics
(2007)
Velupillai, K. Vela
Abstract:
It is natural to claim, as I do in this paper, that the emergence of non-constructivities in economics is entirely due to the formalizations of economics by means of 'classical' mathematics. I have made similar claims for the emergence of uncomputabilities and undecidabilities in economics in earlier writings. Here, on the other hand, I want to suggest a way of confronting uncomputabilities, and remedying non-constructivities, in economics, and turning them into a positive force for modelling, for example, endogenous growth, as suggested by Stefano Zambelli. In between, a case is made for economics to take seriously the kind of mathematical modelling fostered by Feynman and Dirac, in particular the way they developed the path integral and the ?- function, respectively. A sketch of a 'research program' in mathematical economics, analogous to the way Gödel thought incompleteness and its perplexities should be interpreted and resolved, is also outlined in the conclu...
http://hdl.handle.net/10379/982
Marked
Mark
The Unreasonable Ineffectiveness of Mathematics in Economics.
(2004)
Velupillai, K. Vela.
The Unreasonable Ineffectiveness of Mathematics in Economics.
(2004)
Velupillai, K. Vela.
Abstract:
In this paper I attempt to show that mathematical economics is unreasonably ineffective. Unreasonable, because the mathematical assumptions are economically unwarranted; ineffective because the mathematical formalizations imply nonconstructive and uncomputable structures. A reasonable and effective mathematization of economics entails Diophantine formalisms. These come with natural undecidabilities and uncomputabilites. In the face of this, I conjecture that an economics for the future will be freer to explore experimental methodologies underpinned by alternative mathematical structures. The whole discussion is framed within the context of the celebrated Wignerian theme: The Unreasonable Effectiveness of Mathematics in the Natural Sciences.
http://hdl.handle.net/10379/1108
Marked
Mark
Caring and Theories of Welfare Economics
(1995)
O'Shea, Eamon; Kennelly, Brendan
Caring and Theories of Welfare Economics
(1995)
O'Shea, Eamon; Kennelly, Brendan
Abstract:
This paper explores the relationship between theories of welfare economics and our understanding of the care of old people within families. It is difficult to make sense of family care relationships within the framework of any single approach to welfare economics. Standard utilitarian welfare economics implies that there are no transendent standards of morality, virtue or justice for appraising human actions. This view is hard to reconcile with the amount of care given by families to dependent and vulnerable old people living at home. The nature of informal caring relationships rests on a delicate balance between affection, reciprocity and moral responsibility. Utilitarianism is a useful way to begin the evaluation process, but it cannot fully capture the complexity of caring relationships, which require a far deeper understanding of human interaction than revealed preference analysis allows. Economists, and others working in this area, must be prepared to explore other theories of ...
http://hdl.handle.net/10379/1364
Marked
Mark
Variations on the Theme of Conning in Mathematical Economics
(2006)
Velupillai, K. Vela
Variations on the Theme of Conning in Mathematical Economics
(2006)
Velupillai, K. Vela
Abstract:
The mathematization of economics is almost exclusively in terms of the mathematics of real analysis which, in turn, is founded on set theory (and the axiom of choice) and orthodox mathematical logic. In this paper I try to point out that this kind of mathematization is replete with economic infelicities. The attempt to extract these infelicities is in terms of three main examples: dynamics, policy and rational expectations and learning. The focus is on the role and reliance on standard fixed point theorems in orthodox mathematical economics.
http://hdl.handle.net/10379/1070
Marked
Mark
A Primer on the Tools and Concepts of Comutable Economics.?
(2004)
Velupillai, K. Vela.
A Primer on the Tools and Concepts of Comutable Economics.?
(2004)
Velupillai, K. Vela.
Abstract:
Computability theory came into being as a result of Hilbert s attempts to meet Brouwer s challenges, from an intuitionistc and constructive standpoint, to formalism as a foundation for mathematical practice. Viewed this way, con- structive mathematics should be one vision of computability theory. However, there are fundamental di¤erences between computability theory and construc- tive mathematics: the Church-Turing thesis is a disciplining criterion in the former and not in the latter; and classical logic - particularly, the law of the excluded middle - is not accepted in the latter but freely invoked in the former, especially in proving universal negative propositions. In Computable Economics an eclectic approach is adopted where the main criterion is numerical content for economic entities. In this sense both the computable and the constructive traditions are freely and indiscriminately invoked and utilised in the formaliza- tion of economic entities. Some of the mathematical meth...
http://hdl.handle.net/10379/1033
Marked
Mark
The Generalised Extreme Value Distribution as Utility Function
(2007)
Conniffe, Denis
The Generalised Extreme Value Distribution as Utility Function
(2007)
Conniffe, Denis
Abstract:
The idea that probability distribution functions could provide appropriate mathematical forms for utility functions representing risk aversion is of respectable antiquity. But the relatively few examples that have appeared in the economics literature have displayed quite restrictive risk aversion properties. This paper examines the potential of the generalised extreme value (GEV) distribution as utility function, showing it possesses considerable flexibility as regards risk aversion properties, even in its single parameter form. The paper concludes that the GEV utility function is worth considering for applications in cases where parametric parsimony matters.
http://eprints.nuim.ie/706/
Marked
Mark
A Critique of The Economics of Climate Change in Mexico
(2011)
TOL, RICHARD S. J.
A Critique of The Economics of Climate Change in Mexico
(2011)
TOL, RICHARD S. J.
Abstract:
This paper revises some relevant aspects of The Economics of Climate Change in Mexico (ECCM), one of the most important documents for supporting national decisionmaking regarding the climate change international negotiations. In addition to pointing out some important methodological inadequacies, this paper shows that the ECCM's main results are questionable. Even though this study was inspired on the Stern Review and benefited from the support of original members of the Stern team, the ECCM is not consistent with the world portrayed in the Stern Review in many aspects, particularly regarding the importance of climate change impacts. The estimates of the costs of climate change for Mexico are so low that can hardly be considered to be consistent with the previous studies that have been reported in the literature concerning regional and global scales. Furthermore, it is shown that the document's main conclusion is not supported even by the estimates of the costs of the impa...
http://hdl.handle.net/2262/59876
Marked
Mark
A computational tool for evaluating the economics of solar and wind microgeneration of electricity
(2009)
Kelleher, J.; Ringwood, J.V.
A computational tool for evaluating the economics of solar and wind microgeneration of electricity
(2009)
Kelleher, J.; Ringwood, J.V.
Abstract:
This paper presents a method, implemented as a freely available computer programme, which is used to estimate the economics of renewable microgeneration of electricity from wind and solar energy sources. A variety of commercial small wind turbines and photovoltaic (PV) panels are considered and combined with raw energy data gathered from a variety of locations. Both residential and holiday home user profiles are available and options are selectable concerning feed-in tariffs (if available), government incentive schemes and the cost of capital borrowing. The configuration of the generation setup, which can consist of wind, PV and combination of wind/PV, is fully selectable by the user, with a range of appropriate default data provided. A numerical example, based on Irish data, is presented, which suggests that payback periods for solar and wind microgeneration systems can vary greatly (2.5–500 years), depending on the location, installation and economic variables.
http://eprints.nuim.ie/2766/
Marked
Mark
Persistent puzzles in international finance and economics
(2004)
Aggarwal, Raj
Persistent puzzles in international finance and economics
(2004)
Aggarwal, Raj
Abstract:
As the title of this lecture suggests, I plan to talk about selected puzzles in international finance and economics. These puzzles include deviations from theoretical values that are observed in spot and forward markets in foreign exchange. Also, observed currency values persistently deviate from purchasing power and interest rate parities. Further, there is also an unexplained large home bias against international portfolio diversification, and there are frequent unexpected crashes and crises in international financial markets. These puzzles are interesting because they have not been eliminated by traders nor explained away satisfactorily by economists – indeed their persistence challenge and intrigue us.
http://hdl.handle.net/2262/60363
Marked
Mark
Irish Business and Society: Governing, Participating and Transforming in the 21st Century
(2012)
Hogan, John; Donnelly, Paul; O'Rourke, Brendan
Irish Business and Society: Governing, Participating and Transforming in the 21st Century
(2012)
Hogan, John; Donnelly, Paul; O'Rourke, Brendan
Abstract:
<p>Hogan, J., <strong>Donnelly, P.</strong> and O’Rourke, B. (eds) (2010) <em>Irish Business and Society: Governing, Participating and Transforming in the 21<sup>st</sup> Century.</em> Dublin: Gill and Macmillan. Available: <a href="http://www.gillmacmillan.ie/economics/economics/irish-business--society" >http://www.gillmacmillan.ie/economics/economics/irish-business--society</a></p>
<p>Irish Business and Society is a contemporary exploration of the wide-ranging debates surrounding the relationships between business and society in 21<sup>st</sup> century Ireland, providing a context in which to question and inform our perspectives on both. The book consists of diverse and thought-provoking contributions from leading business researchers, economists, sociologists and political scientists from Ireland and abroad, which address five central themes:</p> <p>-- The Making and Unmaking o...
http://arrow.dit.ie/buschmarbk/13
Marked
Mark
Varieties of Mathematics in Economics
(2007)
Velupillai, K. Vela
Varieties of Mathematics in Economics
(2007)
Velupillai, K. Vela
Abstract:
Real analysis, founded on the Zermelo-Fraenkel axioms, buttressed by the axiom of choice, is the dominant variety of mathematics utilized in the formalization of economic theory. The accident of history that led to this dominance is not inevitable, especially in an age when the digital computer seems to be ubiquitous in research, teaching and learning. At least three other varieties of mathematics have come to be used in the formalization of mathematics in more recent years. These other varieties, I claim, are more consistent with the intrinsic nature and ontology of economic concepts. In this paper I discuss aspects of the way real analysis dominates the mathematical formalizations of economic theory and the prospects for overcoming this dominance.
http://hdl.handle.net/10379/328
Marked
Mark
Health economics made easy: guiding the initiated and uninitiated.
(2008)
NORMAND, CHARLES
Health economics made easy: guiding the initiated and uninitiated.
(2008)
NORMAND, CHARLES
Abstract:
For many years it was a challenge in teaching health economics to find a textbook that exactly fits the needs of a class, not least because the needs of student are so diverse. To an extent, this remains the case despite the appearance of several new and useful contributions in the last few years. At times it seemed like cable television – lots of choices, but nothing that is quite what you want. Cullis and West (1979) worked well for many groups, but was allowed to get out of date, and went out of print for several years. McGuire et al. (1988) was a good option for people with a background in economics, and provided a comprehensive treatment of the subject, but generated antibodies in the student new to the subject. Gavin Mooney (1992) targeted several books to the interested lay reader, but these lacked the rigour needed for the more serious student. Before going further, I must declare an interest since the second edition of the textbook by Barbara McPake and me (2008) has recent...
http://hdl.handle.net/2262/39155
Marked
Mark
Kaldor on Debreu: The Critique of General Equilibrium Reconsidered
(2008)
Boylan, Thomas A.; O Gorman, Paschal F.
Kaldor on Debreu: The Critique of General Equilibrium Reconsidered
(2008)
Boylan, Thomas A.; O Gorman, Paschal F.
Abstract:
This paper revisits Kaldor's methodological critique of orthodox economics. The main target of his critique was the theory of general equilibrium as expounded in the work of Debreu and others. Kaldor deemed this theory to be seriously flawed as an empirically adequate description of real-world economies. According to Kaldor, scientific progress was not possible in economics without a major act of demolition, by which he meant the destruction of the basic conceptual framework of the theory of general equilibrium. We extend Kaldor's critique by recourse to major developments in 20th century philosophy of mathematics, and then go on to demonstrate that Debreu's work, based as it is on Bourbakist formalism and in particular Cantorian set theory, is conceptually incompatible with Kaldor¿s requirements for an empirical science. This aspect of Kaldor¿s critique has not been explored, and as a consequence a major source of substantiating his critique has remained undeveloped.
http://hdl.handle.net/10379/326
Marked
Mark
Economics and Poverty - the links. An education and training resource.
(2007)
Murphy, Mary; Quinlan, Deirdre
Economics and Poverty - the links. An education and training resource.
(2007)
Murphy, Mary; Quinlan, Deirdre
Abstract:
As part of its role as a national community development centre, the Combat Poverty Agency provides information, advice, training and resource materials for the community and voluntary sector. Under the current Strategic Plan 2005-07 Combat Poverty initiated the Having Your Say Programme www.combatpoverty.ie/havingyoursay that aims to strengthen the policy voices and practices of communities experiencing poverty. One of the four Programme objectives is to: • Initiate and support work that enables people experiencing poverty, their representatives or organisations that support them to engage in the policy system. Economics and Poverty - the links was commissioned, by Combat Poverty, Irish National Organisation of the Unemployed and the National Women’s Council, under this objective. The overall aim of the title is, in an Irish context, to increase the understanding and policy analysis capacity of anti-poverty community and voluntary organizations on the relationship between poverty an...
http://eprints.nuim.ie/1157/
Marked
Mark
A Stochastic Complexity Perspective of Induction in Economics and Inference in Dynamics
(2007)
Velupillai, K. Vela
A Stochastic Complexity Perspective of Induction in Economics and Inference in Dynamics
(2007)
Velupillai, K. Vela
Abstract:
Rissanen's fertile and pioneering minimum description length principle (MDL) has been viewed from the point of view of statistical estimation theory, information theory, as stochastic complexity theory - i.e., a computable approximation of Kolomogorov Complexity - or Solomonoff's recursion theoretic induction principle or as analogous to Kolmogorov's sufficient statistics. All these - and many more - interpretations are valid, interesting and fertile. In this paper I view it from two points of view: those of an algorithmic economist and a dynamical system theorist. From these points of view I suggest, first, a recasting of Jevon's sceptical vision of induction in the light of MDL; and a complexity interpretation of an undecidable question in dynamics.
http://hdl.handle.net/10379/984
Marked
Mark
Production of Commodities by Means of Commodities in a Mathematical Mode
(2006)
Velupillai, K. Vela
Production of Commodities by Means of Commodities in a Mathematical Mode
(2006)
Velupillai, K. Vela
Abstract:
The claim in this paper is that Sraffa employed a rigorous logic of mathematical reasoning in his book, Production of Commodities by Means of Commodities (PCC), in such a mode that all existence proofs were constructive. This is the kind of mathematics that was prevalent at the beginning of the 19th century, which was dominated by the concrete, the constructive and the algorithmic. It is, therefore, completely consistent with the economics of the 19th century, which was the fulcrum around which the economics of PCC is centred.
http://hdl.handle.net/10379/1073
Marked
Mark
Sustainable fishing in Irish waters: assessment of current practices, policies and alternative approaches (Economics Working Paper no. 165)
(2010)
Farrell, Niall; Breen, Ben; Cuddy, Michael; Hynes, Stephen
Sustainable fishing in Irish waters: assessment of current practices, policies and alternative approaches (Economics Working Paper no. 165)
(2010)
Farrell, Niall; Breen, Ben; Cuddy, Michael; Hynes, Stephen
Abstract:
Irish fishing waters are currently governed as part of the Common Fisheries Policy of the European Union. Under this regime, policies of strict regulation are employed to provide both an ecologically sustainable resource and an economically sustainable industry. These measures, however, have not been sufficiently effective in achieving the desired goals. In this paper we examine the reasons for this deficiency and provide an analysis of the alternatives. In doing so, a critical assessment of current and proposed measures, in terms of ecological and economic sustainability is carried out. It is argued that the current measures of regulation have failed due to both theoretical and practical deficiencies in their application. A proposed policy alternative of a community based rights-based management regime is discussed.
http://hdl.handle.net/10379/1942
Marked
Mark
Grade Inflation in The School of Real Estate and Construction Economics
(2012)
Kehily, Dermot
Grade Inflation in The School of Real Estate and Construction Economics
(2012)
Kehily, Dermot
http://arrow.dit.ie/beschrecart/4
Marked
Mark
Grain Price Volatility in a Small Open Economy
(2002)
Roche, Maurice; McQuinn, Kieran
Grain Price Volatility in a Small Open Economy
(2002)
Roche, Maurice; McQuinn, Kieran
Abstract:
This paper uses a multivariate vector error-correction generalized autoregressive conditional heteroscedasticity model to investigate the effect of British grain prices on their Irish equivalents. We find that in the long run the law of one price holds and in the short run the model captures the salient features of Irish grain prices. The model is used to compute rolling forecasts of the conditional means, variances and covariance of Irish grain prices one year ahead. We find that this model produces superior forecasts compared to those based on a commonly used methodology of an autoregressive conditional mean model where the second moments are estimated using a fixed weight moving average
http://eprints.nuim.ie/86/
Marked
Mark
Leaving Certificate points and performance in first arts economics : a study of the 1987/88 U.C.D. class
(1989)
Walsh, Brendan M.; Garvey, Padhraic
Leaving Certificate points and performance in first arts economics : a study of the 1987/88 U.C.D. class
(1989)
Walsh, Brendan M.; Garvey, Padhraic
http://hdl.handle.net/10197/1463
Marked
Mark
Optimal Initial Public Offering design with aftermarket trading
(2009)
Rousseau, Fabrice; Parlaine, Sarah
Optimal Initial Public Offering design with aftermarket trading
(2009)
Rousseau, Fabrice; Parlaine, Sarah
Abstract:
We characterize the optimal pricing and allocation of shares in the presence of distinct adverse selection problems. Some investors have private information at the time of the IPO and sell their shares in the after-market upon facing liquidity needs. Others learn their private interest in the after-market, and sell their shares strategically. The optimal mechanism trades-off informational rents and rents to strategic traders. Flipping facilitates truthful information revelation. When liquidity needs are likely, it is optimal to allocate all shares to investors informed at the IPO stage. Otherwise, some shares are allocated to those who trade strategically in the after-market.
http://eprints.nuim.ie/1640/
Marked
Mark
The Sequencing of stock market liberalization events and corporate financing decisions
(2009)
O'Connor, Thomas; Flavin, Thomas
The Sequencing of stock market liberalization events and corporate financing decisions
(2009)
O'Connor, Thomas; Flavin, Thomas
Abstract:
We examine if the sequence of stock market liberalization events matters for corporate financing choices. We contrast firms who attain ‘investable’ status through domestic reforms with those who do so by issuing American Depository Receipt programs. We find that the first liberalization event prompts similar corporate responses regardless of the path followed. However, we find differential effects between firms who issue ADRs after realizing financial liberalization and those who use ADR initiations to achieve this status. Here, the sequence matters and the capital structure choices of the two groups are very different.
http://eprints.nuim.ie/1574/
Marked
Mark
Efficent Estimation of the Non-linear Volatility and Growth Model
(2009)
Byrne, Julie; Conniffe, Denis
Efficent Estimation of the Non-linear Volatility and Growth Model
(2009)
Byrne, Julie; Conniffe, Denis
Abstract:
Ramey and Ramey (1995) introduced a non-linear model relating volatility to growth. The solution of this model by generalised computer algorithms for non-linear maximum likelihood estimation encounters the usual difficulties and is, at best, tedious. We propose an algebraic solution for the model that provides fully efficient estimators and is elementary to implement as a standard ordinary least squares procedure. This eliminates issues such as the ‘guesstimation’ of initial values and multiple runs. Our approach also facilitates testing the validity of the Ramey and Ramey (1995) model. We illustrate our approach by reanalysing the R&R data, demonstrating virtually identical results.
http://eprints.nuim.ie/1522/
Marked
Mark
Investability and Firm Value. Department of Economics, Finance & Accounting Working paper series N192/05/08
(2008)
O'Connor, Thomas; Mitton, Todd
Investability and Firm Value. Department of Economics, Finance & Accounting Working paper series N192/05/08
(2008)
O'Connor, Thomas; Mitton, Todd
Abstract:
We study how investability, or openness to foreign equity investors, affects firm value in a sample of over 1,400 firms from 26 emerging markets. We find that, on average, investability is associated with a 9% valuation premium (as measured by Tobins q). However, in firm-fixed effects regressions this valuation premium disappears, suggesting that investability does not have a causal effect on firm value. Analysis of the components of Tobins q shows that firms that become investable experience significant increases in both market values and physical investment. These effects are strongest for firms that face country-level or firm-level financial constraints prior to becoming investable.
http://eprints.nuim.ie/1008/
Marked
Mark
The Economics of upgrading to innovative treatment technologies in the fight against HIV/AIDS
(2008)
Leoni, Dr. Patrick
The Economics of upgrading to innovative treatment technologies in the fight against HIV/AIDS
(2008)
Leoni, Dr. Patrick
Abstract:
Abstract. We argue that current funding campaigns to fight AIDS in developing countries fail to recognize significant losses associated with the introduction of innovative treatment technologies. For instance, the future albeit uncertain appearance and widespread use of a therapeutic vaccine will trigger significant and unrecoverable losses in current drugs treatment investments. Our objective is then two-fold. We first document losses associated with the transition to better treatment technologies and we show that failure to hedge against such losses leads to sub-optimal policies. Our second objective is to provide policy recommendations to alleviate this problem. We show how to transform some cutting-hedge financial products to generate full insurance coverage against such losses, and in some cases how to achieve full risk-sharing with agencies developing innovative treatments. We recommend that every funding campaign in current AIDS treatments be accompanied with the provision of...
http://eprints.nuim.ie/972/
Displaying Results 1 - 25 of 1252 on page 1 of 51
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