* Hardcover: 384 pages
* Publisher: Cambridge University Press; 1 edition (November 5, 2007)
* Language: English
* ISBN-10: 0521871352
* ISBN-13: 978-0521871358
The principal findings of experimental economics are that impersonal exchange in markets converges in repeated interaction to the equilibrium states implied by economic theory, under information conditions far weaker than specified in the theory. In personal, social, and economic exchange, as studied in two-person games, cooperation exceeds the prediction of traditional game theory. This book relates these two findings to field studies and applications and integrates them with the main themes of the Scottish Enlightenment and with the thoughts of F. A. Hayek: through emergent socio-economic institutions and cultural norms, people achieve ends that are unintended and poorly understood. In cultural changes, the role of constructivism, or reason, is to provide variation, and the role of ecological processes is to select the norms and institutions that serve the fitness needs of societies.
* Nobel Laureate Smith expands his Nobel lecture on rationality in economics to a fuller form embracing behavioral economics and economic theory ?
* Also covers links to the other topics in economic philosophies of F. A. Hayek, Adam Smith, and the Scottish Enlightenment figures
* Continues topical emphasis in markets and institutional behavior
Contents
Part I. Rationality, Markets, and Institutions:
1. Rediscovering the Scottish philosophers;
2. On two forms of rationality; Part
Part II. Impersonal Exchange: The Extended Order of the Market:
3. Relating the two concepts of a rational order;
4. Market institutions and performance;
5. Asymmetric information and equilibrium without process;
6. Spectrum auctions and combinatorial designs: theory and experiment;
7. Psychology and markets;
8. What is rationality?;
Part III. Personal Social Exchange:
9. Emergent order without the law;
10. The effects of context on behavior; Appendix: behavioral deviation from prediction: error, confusion, or evidence of brain function?;
11. Investment trust games: effects of gains from exchange in dictator giving;
12. Reciprocity in trust games; Part IV. Order and Rationality in Method and Mind:
13. Rationality in science;
14. Neuroeconomics: the internal order of the mind;
15. A summary.
Reviews
* The journey that brought Vernon Smith to his Nobel Prize is not over. It obviously brought us constructive tools, in the form of controlled experimental methods that allow economists to see the lay of the behavioral land more clearly than before. But this magisterial review of the whole journey, including precursors, reminds us that the scope of economics has always been much wider than the straw man that behaviorists like to attack. Properly understood, experimental methods force all economists to think of constructivist and ecological rationality as complementary ways of understanding behavior, rather than as fundamentally inconsistent views of behavior. The journey, then, has really just begun.?Glenn W. Harrison, College of Business Administration, University of Central Florida
* Vernon Smith has spent a lifetime of research, combining theory and experimental evidence, exploring the idea and implications of rationality in economics. This book recounts that lifetime, synthesizes it and adds to it - producing a volume that soars above the usual material of economics. The end-product is a volume that takes an eagle's eye view of rationality in economics, and puts it in a new and glorious perspective. Reading it is essential for theorists and practitioners.?John D. Hey, University of York, UK and LUISS, Italy
* Rationality in Economics is a delight, garnished with fascinating historical detail, philosophical scientific insights, and an eye on current public policy issues. Vernon Smith, as always, shows a skeptical, irreverent attitude toward 'rationality models' based on assumptions that are not stress-tested with cash-motivated subjects in the lab. His own policy recommendations, like the 'Combinatorial Clock Auction', are original and innovative. Charles Holt, University of Virginia
* Locating human sociality as a centerpiece of economics, Smith's clear vision of the meaning of rationality pierces the fog surrounding the place of economics in human society. Ideas of David Hume, Adam Smith, Friedrich Hayek and Herbert Simon are masterfully synthesized with fifty years of experimental data from the economics laboratory to bring us a book that might as well be called 'The Origin of Human Institutions'. Shyam Sunder, School of Management, Yale University
Keywords:
investment trust games, constructivist rationality, jump bidding, punishment version, impersonal exchange, clock prices, repeat interaction, asymmetric information theory, dictator game, clock auction, zone pricing, first harpoon, spectrum auctions, ecological rationality, dominant outcomes, punishment option, experimental economists, ultimatum game, continuous double auction, auction design, auctioned item, blind protocols, extensive form games
Series: Lecture Notes in Computer Science
Subseries: Lecture Notes in Artificial Intelligence , Vol. 5466
Squazzoni, Flaminio (Ed.)
2009, VIII, 183 p., Softcover
ISBN: 978-3-642-01108-5
** About this book
This book constitutes the revised versions of the invited and selected papers from the Second Epistemological Perspectives on Simulation Workshop, EPOS 2006, which was held in Brescia, Italy, during October 5-6, 2006.
The 11 papers presented together with 2 invited papers were carefully reviewed and selected from 35 submissions. The topics addressed were epistemological and methodological contents, such as the relevance of empirical foundations for agent-based simulations, the role of theory, the concepts and meaning of emergence, the trade-off between simplification and complexification of models.
Written for:
Researchers and professionals
Keywords:
* abduction
* agent communication
* agent discovery
* agent-based modeling
* agent-based simulation
* artificial societies
* complex systems
* complexity
* computer simulations
* decision making
* emergence
* epistemology
* knowledge based systems
* methodology
* model abstraction
* model analysis
* model space
* modeling
* multi-agent systems
* ontologies
* philosophy
* production systems
* qualitative ontologies
* randomness
* reconstruction
* semantics simulation
* simulation
* social emergence
* social phenomena
* social simulation
* system dynamics
* validation
* verification
Scientific Dialogues in Five Acts
Series: Studies in Economic Theory , Vol. 21
Kaneko, Mamoru
2005, X, 247 p. 5 illus., Hardcover
ISBN: 978-3-540-22295-8
**About the Book:
About this book
This book consists of five acts and two interludes, which are all written as dialogues between three main characters and other supporting characters. Each act discusses the epistemological, institutional and methodological foundations of game theory and economics, while using various stories and examples. A featured aspect of those discussions is that many forms of mutual misunderstanding are involved in social situations as well as in those fields themselves. One Japanese traditional comic story called the Konnyaku Mondo is representative and gives hints of how our thought is constrained by incorrect beliefs. Each dialogue critically examines extant theories and common misunderstanding in game theory and economics in order to find possible future developments of those fields.
Written for:
Scientists, students
Keywords:
Common Knowledge
Decision Making
Game Theory
**Reviews:
From the reviews:
"The book is indeed a scientific dialogue, written in the form of a theatrical work in five acts....most valuable for anyone launching a career related to game theory....The book might form the basis for an informal seminar, or could well be recommended for additional reading in connection with....formal treatment of game theory. The topics are well chosen, and the writing is entertaining and of high quality. The book is a welcome addition to the literature on game theory." (Gerald A. Heuer, Zentralblatt MATH, Vol. 1065, 2005)
Why the Future of Business is Selling Less of More
**About the Author
Chris Anderson is editor of chief of Wired magazine. He was U.S. business editor at The Economist. He began his career at the two premier science journals Science and Nature. He holds a Bachelor of Science degree in Physics from George Washington University and studied Quantum Mechanics and Science Journalism at the University of California at Berkeley.
**Product Details
Paperback: 288 pages
Publisher: Hyperion; Rev Upd edition (July 8, 2008)
Language: English
ISBN-10: 1401309666
ISBN-13: 978-1401309664
The New York Times bestseller that introduced the business world to a future that¡¦s already here¡Xnow in paperback with a new chapter about Long Tail Marketing and a new epilogue.
Winner of the Gerald Loeb Award for Best Business Book of the Year
In the most important business book since The Tipping Point, Chris Anderson shows how the future of commerce and culture isn¡¦t in hits, the high-volume head of a traditional demand curve, but in what used to be regarded as misses¡Xthe endlessly long tail of that same curve.
**Reviews
"Anyone who cares about media . . . must read this book."
--Rob Glaser, CEO, RealNetworks
"The Long Tail is a book for the Head -- provocative and insightful. It belongs on your shelf between Tipping Point and Freakonomics, offering great insight into the next generation of internet revolution and opportunity."
--Reed Hastings, CEO Netflix
"The Long Tail is a rare achievement: it takes something seemingly familiar -- the realm of buying and selling -- and makes us think about it in a completely new way. This is a remarkably smart book, and also a refreshingly optimistic look at the new rules of a world in which everyone can find something different to enjoy."
--James Suroweicki, author of The Wisdom of Crowds
"Of all the books about the "revolution" that the "new economy" is, this is the first to deliver on the promise. Anderson maps as compellingly as anyone could just what is different, and critically important about the world digital technologies has created. There isn't an economy here. There are economies. Understanding them, and how they flourish, is the key to sensible policy and successful business. Wipe the shelf clear of new economy books. This is all you'll need. "
--Larry Lessig, professor, Stanford Law School; chairman, Creative Commons
"The Long Tail catches the world¡¦s economy at a fundamental nexus of change. Blockbuster models, Pareto¡¦s Law, ever-shortening life cycles, rock star dependencies¡Xall are receding in relevance and importance. In their place a new Internet-enabled economy is embracing more collaborative, participative, and idiosyncratic offerings, and knocking the Old Guard on its backside in the process. Chris Anderson depicts the emerging dynamics of this new world with insight, wit, and style, so put this book atop the rest of your bedside reading and enjoy."
--Geoffrey Moore, author of Crossing the Chasm
"The Long Tail breaks fundamentally new ground in economics. Chris Anderson takes the reader into a new world of buyers and sellers connected at the outer edges of demand and literally proves that there is a market for almost anything. Engaging, insightful, useful, stories well told, The Long Tail is one of those books that leads the reader to a new view of how the world works."
--Peter Schwartz, chairman of the Global Business Network and author of The Art of the Long View
"Chris Anderson's timing with the 'Long Tail' concept is absolutely perfect. The combination of Internet penetration with the expansion of global online markets has opened up opportunities that few could have ever imagined."
--Eric Schmidt, CEO, Google
"I can¡¦t begin to tell you how thrilled I was by The Long Tail. It very clearly articulated something that I believe strongly ¡V electronic distribution of content and access to vast libraries will open up major new businesses and amazing user experiences."
-- Howard Look, former VP, TiVo
"If you haven¡¦t already read The Long Tail, you¡¦d better ¡V it¡¦s the new Tipping Point. Chris has crafted a very unique view of how the Web is driving new purchasing behaviors and marketing phenomena. This is actually incredibly stimulating as a notion for all marketers."
--Andy Lark, former CEO, Sun Microsystems
In Search of Explanations for Everyday Enigmas
by Robert Frank
**Product Details
* Paperback: 240 pages
* Publisher: Basic Books (April 7, 2008)
* Language: English
* ISBN-10: 0465003575
* ISBN-13: 978-0465003570
* Product Dimensions: 7.8 x 5.4 x 0.8 inches
**Description
Why do the keypads on drive-up cash machines have Braille dots? Why are round-trip fares from Orlando to Kansas City higher than those from Kansas City to Orlando? For decades, Robert Frank has been asking his economics students to pose and answer questions like these as a way of learning how economic principles operate in the real world-which they do everywhere, all the time. Once you learn to think like an economist, all kinds of puzzling observations start to make sense. Drive-up ATM keypads have Braille dots because it¡¦s cheaper to make the same machine for both drive-up and walk-up locations. Travelers from Kansas City to Orlando pay less because they are usually price-sensitive tourists with many choices of destination, whereas travelers originating from Orlando typically choose Kansas City for specific family or business reasons. The Economic Naturalist employs basic economic principles to answer scores of intriguing questions from everyday life, and, along the way, introduces key ideas such as the cost-benefit principle, the "no cash on the table" principle, and the law of one price. This is as delightful and painless a way to learn fundamental economics as there is.
Princeton, NJ: Princeton University Press.
Individual-based models are an exciting and widely used new tool for ecology. These computational models allow scientists to explore the mechanisms through which population and ecosystem ecology arises from how individuals interact with each other and their environment. This book provides the first in-depth treatment of individual-based modeling and its use to develop theoretical understanding of how ecological systems work, an approach the authors call "individual-based ecology."
Grimm and Railsback start with a general primer on modeling: how to design models that are as simple as possible while still allowing specific problems to be solved, and how to move efficiently through a cycle of pattern-oriented model design, implementation, and analysis. Next, they address the problems of theory and conceptual framework for individual-based ecology: What is "theory"? That is, how do we develop reusable models of how system dynamics arise from characteristics of individuals? What conceptual framework do we use when the classical differential equation framework no longer applies? An extensive review illustrates the ecological problems that have been addressed with individual-based models. The authors then identify how the mechanics of building and using individual-based models differ from those of traditional science, and provide guidance on formulating, programming, and analyzing models. This book will be helpful to ecologists interested in modeling, and to other scientists interested in agent-based modeling.
Reviews:
"The authors establish an effective and coherent framework for using individual-based modelling."--Nikita Y. Ratanov, Mathematical Reviews
"An excellent book, which aims to invigorate individual-based modeling . . . by providing a clear theoretical framework for the subject--which they term individual-based ecology (IBE)--and a step-by-step guide to creating individual-based models (IBMs) within this framework. . . . I think this is a very timely book, and I recommend it to anyone new or old to the subject."--Richard Stillman, Quarterly Review of Biology
"The book very successfully link[s] various 'universes' ranging from fundamental concepts in ecology and complex systems research to hands-on technical and recipe-like suggestions on how to build a model, illustrated with numerous, well-chosen examples."--Janine Bolliger, Landscape Ecology
"For anyone who wants to know more about and possibly incorporate IBMs in his own research, this book provides plenty of advice and guidance on how to formulate, analyze, and use such models. If IBMs do ultimately reach the potential envisioned by the authors, their seminal book will have done much to contribute to that success."--Jim M. Cushing, Zentralblatt MATH
"This book establishes an effective and coherent conceptual and technical framework for individual-based modeling with the objective to develop and illustrate an approach for addressing how individual behaviors and system dynamics emerge from lower-level traits."--Janine Bolliger, Landscape Ecology
Publisher: M. E. Sharpe
Description:
This groundbreaking handbook of original works by leading behavioral economists offers the first comprehensive articulation of behavioral economics theory. At a time when conventional approaches have failed to resolve key economic concerns, the book provides a provocative alternative view of how economic decisions are actually made.
Borrowing from the findings of psychologists, sociologists, political scientists, legal scholars, and biologists, among others, behavioral economists find that intelligent individuals often tend not to behave as effectively or efficiently in their economic decisions as long held by conventional wisdom. The manner in which individuals actually do behave critically depends on psychological, institutional, cultural, and even biological considerations.
Handbook of Contemporary Behavioral Economics includes coverage of such critical areas as the Economic Agent, Context and Modeling, Decision Making, Experiments and Implications, Labor Issues, Household and Family Issues, Life and Death, Taxation, Ethical Investment and Tipping, and Behavioral Law and Macroeconomics. Each contribution includes an extensive bibliography.
Selected Contents:
List of Tables and Figures
Introduction by Morris Altman
Part 1: Inside the Economic Agent
1. Inside Economic Man: Behavioral Economics and Consumer Behavior, Paul Albanese
2. Physiology and Behavioral Economics: The New Findings from Evolutionary Neuroscience, Gerald A. Cory, Jr.
3. Intuition in Behavioral Economics, Roger Frantz
4. Introspective Economics: Broadening Psychology's Reach, David George
5. Integrating Emotions into Economic Theory, Bruce E. Kaufman
6. On the Economics of Subselves: Toward a Metaeconomics, Gary D. Lynne
Part 2: Context and Modeling
7. What a Difference an Assumption Makes: Effort Discretion, Economic Theory, and Public Policy, Morris Altman
8. Group Selection and Behavioral Economics, Alexander J. Field
9. Beliefs In Behavioral And Neo-Classical Economics, Alan James MacFadyen
10. Reclaiming Moral Sentiments: Behavioral Economics and the Ethical Foundations of Capitalism, Shlomo Maital
11. Bounded Rationality: Two Interpretations from Psychology, Jörg Rieskamp, Ralph Hertwig, Peter M. Todd
12. Behavioral Versus Neoclassical Economics: Paradigm Shift Or Generalization?, Kevin Sontheimer
13. Organizational Capital and Personal Capital: The Role of Intangible Capital Formation in the Economy, John F. Tomer
Part 3: Decision Making
14. How To Do As Well As You Can: The Psychology of Economic Behavior and Behavioral Ecology, Stephen E. G. Lea
15. Discounting, Self-Control and Saving, Ellen K. Nyhus and Paul Webley
16. Rational Choice Theory Versus Cultural Theory: On Taste and Social Capital, Peter Lunt
17. Deliberation Cost as a Foundation for Behavioral Economics, Mark Pingle
18. In-Depth Interviews as a Means of Understanding Economic Reasoning: Decision Making as Explained by Business Leaders and Business Economists, Hugh Schwartz
Part 4: Experiments and Implications
19. Classroom Experiments in Behavioral Economics, Gerrit Antonides, Fergus Bolger, and Ger Trip
20. A Behavioral Approach To Distribution And Bargaining, Werner Güth and Andreas Ortmann
21. The Context, or Reference, Dependence of Economic Values: Further Evidence and Some Predictable Patterns, Jack L. Knetsch and Fang-Fang Tang
22. Experiments and Behavioral Economics, Robert J. Oxoby
Part 5: Labor-Related Issues
23. Behavioral Labor Economics, Nathan Berg
24. Hours of Labor Supply: A More Flexible Approach, Lonnie Golden
Part 6: Gender and Decision Making
25. Chicks, Hawks, and Patriarchal Institutions, Nancy Folbre
26. Economic Decisions in the Private Household, Erich Kirchler and Eva Hofman
Part 7: Life and Death
27. A Prolegomenon to Behavioral Economic Studies of Suicide, Bijou Yang and David Lester
28. Rational Health-Compromising Behavior and Economic Intervention, Gideon Yaniv
Part 8: Taxation, Ethical Investment and Tipping
29. Taxation and the Contribution of Behavioral Economics, Simon James
30. Ethical Investing: Where Are We Now?, John Cullis, Philip Jones, and Alan Lewis
31. Tipping in Restaurants and Around the Globe: An Interdisciplinary Review, Michael Lynn
Part 9: Development, Behavioral Law and Money
32. Economic Development, Equality, Income Distribution and Ethics, Erik Thorbecke
33. Insufficient Social Capital and Economic Underdevelopment, Hamid Hosseini
34. Behavioral Law and Economics: an Introduction, Thomas S. Ulen
35.Elements of Behavioral Monetary Economics, Tobias F. Rötheli
36. Behavioral Finance, Tomasz Zaleskiewicz
Review
"The London Times" "They're wrong about oil, by George: In short, the standard economic assumption that supply and demand drive prices is only a starting point for understanding financial markets. In boom-bust cycles, the textbook theory is not just slightly inaccurate but totally wrong. This is the main argument made by George Soros in his fascinating book on the credit crunch, "The New Paradigm for Financial Markets," launched at an LSE lecture last night."
Review
Tucson Citizen
"Brilliant...examines a complex problem with both insight and philosophical depth....A much-needed contribution that should help many of us better understand the great credit crisis and what it means, not just for the United States but the entire world."
BBC Business editor Robert Peston
"Totally compelling"
The London Times "They're wrong about oil, by George: In short, the standard economic assumption that supply and demand drive prices is only a starting point for understanding financial markets. In boom-bust cycles, the textbook theory is not just slightly inaccurate but totally wrong. This is the main argument made by George Soros in his fascinating book on the credit crunch, The New Paradigm for Financial Markets, launched at an LSE lecture last night."
Reuters
"Soros says market rebound a bear-market rally: Billionaire hedge-fund manager George Soros said at LSE on Wednesday that the current rebound in stock markets is only a bear-market rally, because monetary authorities are unlikely to be able to handle the credit crisis."
Product Description
In the midst of the most serious financial upheaval since the Great Depression, legendary financier George Soros explores the origins of the crisis and its implications for the future. Soros, whose breadth of experience in financial markets is unrivaled, places the current crisis in the context of decades of study of how individuals and institutions handle the boom and bust cycles that now dominate global economic activity. "This is the worst financial crisis since the 1930s," writes Soros in characterizing the scale of financial distress spreading across Wall Street and other financial centers around the world. In a concise essay that combines practical insight with philosophical depth, Soros makes an invaluable contribution to our understanding of the great credit crisis and its implications for our nation and the world.
About the Author
George Soros is chairman of Soros Fund Management and is the founder of a global network of foundations dedicated to supporting open societies. He is the author of several best-selling books including The Bubble of American Supremacy, Underwriting Democracy, and The Age of Fallibility. He was born in Budapest and lives in New York City.
Decision Research. Oregon
Paul Slovic
Decision Research, Oregon
One of the main themes that has emerged from behavioral decision research during the past three decades is the view that people's preferences are often constructed in the process of elicitation. This idea is derived from studies demonstrating that normatively equivalent methods of elicitation (e.g., choice and pricing) give rise to systematically different responses. These preference reversals violate the principle of procedure invariance that is fundamental to all theories of rational choice. If different elicitation procedures produce different orderings of options, how can preferences be defined and in what sense do they exist? This book shows not only the historical roots of preference construction but also the blossoming of the concept within psychology, law, marketing, philosophy, environmental policy, and economics. Decision making is now understood to be a highly contingent form of information processing, sensitive to task complexity, time pressure, response mode, framing, reference points, and other contextual factors.
Contents
Part I. Introduction;
Part II. Preference Reversals;
Part III. Psychological Theories of Preference Reversals;
Part IV. Evidence for Preference Construction;
Part V. Theories of Preference Construction;
Part VI. Affect and Reason;
Part VII. Miswanting;
Part VIII. Contingent Valuation;
Part IX. Preference Management.
Contributors
Dan Ariely, Max H. Bazerman, James R. Bettman, Sally Blount, Jerome R. Busemeyer, Melissa L. Finucane, Baruch Fischhoff, Daniel T. Gilbert, Daniel G. Goldstein, Robin Gregory, David M. Grether, Sara D. Hodges, Keith J. Holyoak, Christopher K. Hsee, Sheena S. Iyengar, Ryan K. Jessup, Eric J. Johnson, Joseph G. Johnson, Daniel Kahneman, Kristen J. Klaaren, Daniel C. Krawczyk, Suzanne J. LaFleur, Mark R. Lepper, Sarah Lichtenstein, Douglas J. Lisle, George Loewenstein, Mary Frances Luce, Donald G. MacGregor, Douglas MacLean, Naomi Mandel, Henry Montgomery, Stephen M. Nowlis, John W. Payne, Ellen Peters, Charles R. Plott, Drazen Prelec, Matthew Rabin, Daniel Read, Ilana Ritov, Yuval S. Rottenstreich, Samuel Sattath, David A. Schkade, Jonathan W. Schooler, Eldar Shafir, Dan Simon, Itamar Simonson, Paul Slovic, Cass R. Sunstein, Ola Svenson, Richard H. Thaler, Amos Tversky, Elke U. Weber, Timothy D. Wilson, Yiheng Xi, Frank Yu, Robert B. Zajonc, Jiao Zhang
The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, "animal spirits" are driving financial events worldwide. In this book, acclaimed economists George Akerlof and Robert Shiller challenge the economic wisdom that got us into this mess, and put forward a bold new vision that will transform economics and restore prosperity.
Akerlof and Shiller reassert the necessity of an active government role in economic policymaking by recovering the idea of animal spirits, a term John Maynard Keynes used to describe the gloom and despondence that led to the Great Depression and the changing psychology that accompanied recovery. Like Keynes, Akerlof and Shiller know that managing these animal spirits requires the steady hand of government--simply allowing markets to work won't do it. In rebuilding the case for a more robust, behaviorally informed Keynesianism, they detail the most pervasive effects of animal spirits in contemporary economic life--such as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunes--and show how Reaganomics, Thatcherism, and the rational expectations revolution failed to account for them.
Animal Spirits offers a road map for reversing the financial misfortunes besetting us today. Read it and learn how leaders can channel animal spirits--the powerful forces of human psychology that are afoot in the world economy today.
George A. Akerlof is the Daniel E. Koshland Sr. Distinguished Professor of Economics at the University of California, Berkeley. He was awarded the 2001 Nobel Prize in economics. Robert J. Shiller is the best-selling author of Irrational Exuberance and The Subprime Solution (both Princeton). He is the Arthur M. Okun Professor of Economics at Yale University.
Endorsements:
"This book is a sorely needed corrective. Animal Spirits is an important--maybe even a decisive--contribution at a difficult juncture in macroeconomic theory."--Robert M. Solow, Nobel Prize-winning economist
"This book is dynamite. It is a powerful, cogent, and convincing call for a fundamental reevaluation of basic economic principles. It presents a refreshingly new understanding of important economic phenomena that standard economic theory has been unable to explain convincingly. Animal Spirits should help set in motion an intellectual revolution that will change the way we think about economic depressions, unemployment, poverty, financial crises, real estate swings, and much more."--Dennis J. Snower, president of the Kiel Institute for the World Economy
"Animal Spirits makes a very timely and significant contribution to the development of a new dominant paradigm for economics that acknowledges the imperfections of human decision making, a need which the panic in financial markets makes all too apparent. I am not aware of any other book like this one."--Diane Coyle, author of The Soulful Science: What Economists Really Do and Why It Matters
"Akerlof and Shiller explore how animal spirits contribute to the performance of the macroeconomy. The range of issues they cover is broad, including the business cycle, inflation and unemployment, the swings in financial markets and real estate, the existence of poverty, and the way monetary policy works. This book is provocative and persuasive."--George L. Perry, Brookings Institution
Tijana T. Ivancevic
Series: Studies in Computational Intelligence , Vol. 60
2007, XII, 692 p. 108 illus., Hardcover
ISBN: 978-3-540-71465-1
About this book
Computational Mind: A Complex Dynamics Perspective is a graduate¡Vlevel monographic textbook in the field of Computational Intelligence. It presents a modern dynamical theory of the computational mind, combining cognitive psychology, artificial and computational intelligence, and chaos theory with quantum consciousness and computation. The book introduces to human and computational mind, comparing and contrasting main themes of cognitive psychology, artificial and computational intelligence. It presents brain/mind dynamics from the chaos theory perspective, including sections on chaos in human EEG, basics of nonlinear dynamics and chaos, techniques of chaos control, synchronization in chaotic systems and complexity in humanoid robots. This book presents modern theory of quantum computational mind, including sections on Dirac¡VFeynman quantum dynamics, quantum consciousness, and quantum computation using Josephson junctions. The book is designed as a one¡Vsemester course for computer scientists, engineers, physicists and applied mathematicians, both in industry and academia. It includes a strong bibliography on the subject and detailed index.
Written for:
Researchers, engineers, graduate students in computational intelligence, computer science, cognitive psychology and complexity
Keywords:
Chaotic Brain
Computational Intelligence
Quantum Computational Mind
Curiously, economists, whose discipline has much to do with human well-being, have shied away from factoring the study of happiness into their work. Happiness, they might say, is an ''unscientific'' concept. This is the first book to establish empirically the link between happiness and economics--and between happiness and democracy. Two respected economists, Bruno S. Frey and Alois Stutzer, integrate insights and findings from psychology, where attempts to measure quality of life are well-documented, as well as from sociology and political science. They demonstrate how micro- and macro-economic conditions in the form of income, unemployment, and inflation affect happiness. The research is centered on Switzerland, whose varying degrees of direct democracy from one canton to another, all within a single economy, allow for political effects to be isolated from economic effects.
Not surprisingly, the authors confirm that unemployment and inflation nurture unhappiness. Their most striking revelation, however, is that the more developed the democratic institutions and the degree of local autonomy, the more satisfied people are with their lives. While such factors as rising income increase personal happiness only minimally, institutions that facilitate more individual involvement in politics (such as referendums) have a substantial effect. For countries such as the United States, where disillusionment with politics seems to be on the rise, such findings are especially significant. By applying econometrics to a real-world issue of general concern and yielding surprising results, Happiness and Economics promises to spark healthy debate over a wide range of the social sciences.
Reviews:
"Frey and Stutzer are highly successful in their effort to synthesize--from an economic perspective--happiness research from a variety of disciplines and to extend that research, using an economic orientation."--Choice
"With commendable expertise [the authors] integrate explanations of human well-being from psychology, sociology and political science with the few studies of happiness that have been undertaken by economists. . . . Frey and Stutzer support the unfashionable proposition that subjective well-being is indeed something that economists can and should study, and they marshal a strong case in favor of this view."--David Throsby, Times Literary Supplement
"A major breakthrough in economic research."--R.E. Lane, Journal of Economics
Endorsements:
"This is a first-class book. It is a great read whether you are a social scientist or just someone who wants to understand what makes human beings tick. It will even make you happy. Frey and Stutzer's timing is perfect. They have written a marvelous book just as the field is about to take off. Their scholarship is excellent; they write beautifully; the topic is important. Terrific work."--Andrew J. Oswald, Warwick University
"This is a timely, excellent, insightful, and highly readable book by two authors who have an obvious command of their subject. It should become the standard reference text on the rapidly expanding academic study of happiness. It will appeal not only to a wide range of social scientists but also to a wide public audience outside academia. Bruno Frey and Alois Stutzer offer a comprehensive historical account that also reaches to the limits of our current understanding."--Robert MacCulloch, London School of Economics
Table of Contents:
Preface vii
PART I: Setting the Stage
CHAPTER 1: Happiness 3
CHAPTER 2: Well-Being and Economics 19
CHAPTER 3: Personality and Socio-Demograohic Influences on happiness 49
PART II: Economic Effects on Happiness
CHAPTER 4: Income 73
CHAPTER 5: Employment 95
CHAPTER 6: Inflation 111
PART III: Political Effects on Happiness
CHAPTER 7: The Current Politico-Economic Process 121
CHAPTER 8: Constitution: Popular Referenda and Federalism 133
CHAPTER 9: Outcome and Process 153
PART IV: Conclusions
CHAPTER 10: Happiness Inspires Economics 171
APPENDIX A 185
APPENDIX B 191
References 195
Data Sources 215
Index 217
This book has been translated into:
* Japanese
* Chinese (Simplified)
Subject Areas:
* Economics
* Sociology
* Political Science and International Relations
Thorsten Hens
Klaus Schenk-Hoppe
Included in series
Handbooks in Finance,
Audience
Primary: university, research, and major public libraries with finance and economics holdings. Secondary: academics in finance and economics
Contents
"Introduction"--Thorsten Hens and Klaus Reiner Schenk-Hoppe
- "Thought and Behavioral Contagion in Capital Markets"--David Hirshleifer and Siew Hong Teoh
- "How markets digest supply and demand and slowly incorporate information
into prices"--Jean-Philippe Bouchaud, J. Doyne Farmer, and Fabrizio Lillo - "Stochastic Behavioral Asset Pricing Models and the Stylized Facts"--Thomas
Lux - "Complex Evolutionary Systems in Behavioral Finance"--Cars Hommes and
Florian Wagener - "Heterogeneity, Market Mechanisms, and Asset Price Dynamics"--Carl
Chiarella, Xue-Zhong He and Roberto Dieci - "Perfect Forecasting and Behavioral Heterogeneities"--Jan Wenzelburger
- "Market Selection and Asset Pricing"--Lawrence Blume and David Easley
- "Rational Diverse Beliefs and Market Volatility"--Mordecai Kurz
- "Evolutionary Finance"--Igor V. Evstigneev, Thorsten Hens, Klaus Reiner
Schenk-Hoppe
Bibliographic details
Hardbound, 608 pages,
publication date: JAN-2009
ISBN-13: 978-0-12-374258-2
Imprint: NORTH-HOLLAND
Description:
In a given environment, agents interact with each other, imitating, communicating, exchanging, and competing. Based on these heterogeneous modalities of interaction, a variety of socialities may emerge including language and communication, identities, economies, and cultures.
The Handbook of Research on Agent-Based Societies: Social and Cultural Interactions addresses the emergence of societal phenomena in the interactions of systems of agents. Comprising authoritative chapters by numerous international authors, this reference book goes well beyond describing the next generation of multi-agent systems in simulations and system engineering and analyzes existing systems to stimulate the development of new ones.
Key Features:
Product Description
In the field of genetic and evolutionary algorithms (GEAs), much theory and empirical study has been heaped upon operators and test problems, but problem representation has often been taken as given. This monograph studies a number of critical elements of a theory of representations for GEAs and applies them to the empirical study of various important idealized test functions and problems of commercial import. The book considers basic concepts of representations, such as redundancy, scaling and locality and describes how GEAs' performance is influenced. Using the developed theory representations can be analyzed and designed in a theory-guided manner. The theoretical concepts are used as examples for efficiently solving integer optimization problems and network design problems. The results show that proper representations are crucial for GEAs' success.
Methods and Techniques
Rutkowski, Leszek
Original Polish edition published by Polish Scientific Publishers PWN, 2005
2008, XIV, 514 p. 242 illus., Hardcover
ISBN: 978-3-540-76287-4
About this textbook
Self-contained, easy accessible and comprehensive textbook for graduate students and researchers in computational intelligence
Well-organized modern approach to methods and techniques of intelligent calculations including examples and exercises in each chapter
Includes a preface by Jacek Zurada, president of IEEE Computational Intelligence Society
Topics include approximate and fuzzy sets, basic structures and methods of neural networks learning, grouping of data methods, Bayesian methods, evolutionary algorithms and decision tree algorithms
This book is a definitive reference source for the growing, increasingly more important, and interdisciplinary field of computational cognitive modeling, that is, computational psychology. It combines breadth of coverage with definitive statements by leading scientists in this field. Research in computational cognitive modeling explores the essence of cognition and various cognitive functionalities through developing detailed, process-based understanding by specifying computational mechanisms, structures, and processes. Given the complexity of the human mind and its manifestation in behavioral flexibility, process-based computational models may be necessary to explicate and elucidate the intricate details of the mind. The key to understanding cognitive processes is often in fine details. Computational models provide algorithmic specificity: detailed, exactly specified, and carefully thought-out steps, arranged in precise yet flexible sequences. These models provide both conceptual clarity and precision at the same time. This book substantiates this approach through overviews and many examples.
Combines breadth of coverage with definitive statements by leading scientists in this field � Computational models provide both conceptual clarity and precision at the same time � Provides experts with quick overviews while also being an entry point into the field for the next generation of researchers
Contents
-
Part I. Introduction:
1. Introduction to computational cognitive modeling Ron Sun;
-
Part II. Cognitive Modeling Paradigms:
2. Connectionist models of cognition Michael Thomas and James McClelland;
3. Bayesian models of cognition Thomas Griffiths, Charles Kemp, and Joshua Tenenbaum;
4. Dynamical systems approaches to cognition Gregor Schoener;
5. Declarative/ logic-based computational cognitive modeling Selmer Bringsjord;
6. Constraints in cognitive architectures Niels Taatgen and John Anderson;
-
Part III. Computational Modeling of Various Cognitive Functionalities and Domains:
7. Computational models of episodic memory Kenneth Norman, Greg Detre, and Sean Polyn;
8. Computational models of semantic memory Timothy Rogers;
9. Models of categorization John Kruschke;
10. Micro-process models of decision making Jerome Busemeyer and Joseph Johnson;
11. Models of inductive reasoning Evan Heit;
12. Mental logic, mental models, and simulations of human deductive reasoning Philip Johnson-Laird and Yingrui Yang;
13. Computational models of skill acquisition Stellan Ohlsson;
14. Computational models of implicit learning Axel Cleeremans and Zoltan Dienes;
15. Computational models of attention and cognitive control Nicola De Pisapia, Grega Repov and Todd Braver;
16. Computational models of developmental psychology Thomas Shultz and Sylvain Sirois;
17. Computational models of psycholinguistics Nick Chater and Morten Christiansen;
18. Computational models in personality and social psychology Stephen Read and Brian Monroe;
19. Cognitive social simulation Ron Sun;
20. Models of scientific explanation Paul Thagard and Abninder Litt;
21. Cognitive modeling for cognitive engineering Wayne Gray;
22. Models of animal learning and their relations to human learning Francisco Lopez and David Shanks;
23. Computational modeling of visual information processing Pawan Sinha and Benjamin Balas;
24. Models of motor control Ferdinando Mussa-Ivaldi and Sara Solla;
Part IV. Concluding Remarks:
25. An evaluation of computational modeling in cognitive science Margaret Boden;
26. Putting the pieces together again Aaron Sloman.
by S. Sumathi (Author), T. Hamsapriya (Author), P. Surekha (Author)
Book Description
This book gives a good introduction to evolutionary computation for those who are first entering the field and are looking for insight into the underlying mechanisms behind them. Emphasizing the scientific and machine learning applications of genetic algorithms instead of applications to optimization and engineering, the book could serve well in an actual course on adaptive algorithms. The authors include excellent problem sets, these being divided up into "thought exercises" and "computer exercises" in genetic algorithm. Practical use of genetic algorithms demands an understanding of how to implement them, and the authors do so in the last two chapters of the book by giving the applications in various fields. This book also outlines some ideas on when genetic algorithms and genetic programming should be used, and this is useful since a newcomer to the field may be tempted to view a genetic algorithm as merely a fancy Monte Carlo simulation. The most difficult part of using a genetic algorithm is how to encode the population, and the authors discuss various ways to do this. Various "exotic" approaches to improve the performance of genetic algorithms are also discussed such as the "messy" genetic algorithms, adaptive genetic algorithm and hybrid genetic algorithm.
Editorial Reviews
Book Description
This book constitutes the refereed proceedings of the Second International Conference on Intelligent Data Engineering and Automated Learning, IDEAL 2000, held in Shatin, N.T., Hong Kong, China in December 2000. The 81 revised papers presented were carefully reviewed and selected from numerous submissions. The book is divided in topical sections on data mining and automated learning, financial engineering, intelligent agents, Internet applications, multimedia processing, and genetic programming.
Book Info
Proceedings of the 2nd International Conference on Intelligent Data Engineering and Automated Learning: IDEAL 2000, Data Mining, Financial Engineering, and Intelligent Agents, held in Hong Kong, China, December 13-15, 2000. Softcover.
Product Description
This book - in conjunction with the two volumes LNCS 4681 and LNAI 4682 - constitutes the refereed proceedings of the Third International Conference on Intelligent Computing, ICIC 2007, held in Qingdao, China in August 2007.
The intelligent computing technology includes a range of techniques such as artificial intelligence, perceptual and pattern recognition, evolutionary and adaptive computing, informatics theories and applications, computational neuroscience and bioscience, soft computing, case based and constrained reasoning, agents, networking and computer supported co-operative working, human computer interface issues.
ICIC theme unifies the picture of contemporary intelligent computing techniques as an integral concept that highlights the trends in advanced computational intelligence and bridges theoretical research with applications.
Review
From the reviews:
"This is intended primarily as a textbook for lecturers and graduate and undergraduate students but will certainly attract a wider readership. The authors explain that each of them has many years of teaching experience, and has given instruction on Evolutionary Computing (EC) ¡K and they realised the need for a suitable textbook and decided to write this one. ¡K Beside serving as an introduction the book is a guide to the state-of-the art. ¡K This is a well-produced and very useful book." (Alex M. Andrew, Robotica, Vol. 22, 2004)
Book Description
Evolutionary Computing is the collective name for a range of problem-solving techniques based on principles of biological evolution, such as natural selection and genetic inheritance. These techniques are being increasingly widely applied to a variety of problems, ranging from practical applications in industry and commerce to leading-edge scientific research.
This book presents the first complete overview of this exciting field aimed directly at lecturers and graduate and undergraduate students. It is also meant for those who wish to apply evolutionary computing to a particular problem or within a given application area. To this group the book is valuable because it presents EC as something to be used rather than just studied.
Last, but not least, this book contains quick-reference information on the current state-of-the-art in a wide range of related topics, so it is of interest not just to evolutionary computing specialists but to researchers working in other fields.
See all Editorial Reviews
Product Description
The simulation of social behavior in a variety of domains is an increasingly important technological tool.
eference survey of social simulation work, Social Simulation: Technologies, Advances and New Discoveries comprehensively collects the most exciting developments in the field. Drawing research contributions from a vibrant community of experts on social simulation, this Premier Reference Source provides a set of unique and innovative approaches, ranging from agent-based modeling to empirically based simulations, as well as applications in business, governmental, scientific, and other contexts. This book will be a significant reference tool for researchers, educators, and practitioners in such fields as sociology, geography, economics, environmental science, artificial intelligence, machine learning, computer engineering, and networks, and a valuable, interdisciplinary addition to academic libraries.
About the Author
Bruce Edmonds is Director of the Centre for Policy Modelling at the Manchester Metropolitan University, and a Senior Research Fellow there. He gained his first degree in Mathematics and his Ph.D. in philosophy on Measures of complexity. His field is the intersection of sociology and computer science: both applying social mechanisms to the organisation of distributed computer science and the use of computational techniques to model aspects of society.
Ces Àreo Hern Àndez Iglesias is Professor of Business and Economics (B&E) and head of the Business and Economics Department at the University of Valladolid, Spain. He graduated from the University of Barcelona in Industrial Engineering (1970) and Economics (1974). He obtained his Ph.D. in 1975 on applications of Control Theory to Econometrics. He initially worked in time series analysis in econometric modelling as a postgraduate at the L.S.E. and Imperial College in London from 1971-74. His current research interests within the INSISOC Group (Engineering Social Systems Group) include economic methodology and social simulation.
Klaus G. Troitzsch has been a full professor of computer applications in the social sciences at the University of Koblenz-Landau since 1986. He took his PhD in political science from the University of Hamburg. From 1974 to 1978 he was a member of the Liberal Party Group in the Parliament of Hamburg. In 1979 he returned to academia as a senior researcher in an election research project. His main interests in teaching and research are social science methodology and, particularly, the simulation of social processes. He was among the founders of the Research Committee on Modelling and Simulation of the German Sociological Association (1988), of the SimSoc Consortium, which publishes the Journal of Artificial Societies and Social Simulation (JASSS, now in its tenth year), and of the European Social Simulation Association (ESSA). Most of his research projects were devoted to developing simulation tools for micro, multilevel, and agent-based simulation or to implement simulation courses for social scientists, part of which have been offered in annual summer and spring courses for nearly ten years. He is author, co-author, and co-editor of a number of books and articles on simulation, and he organized several national and international conferences in social simulation.
Book Description
In the last few years game theory has had a substantial impact on computer science, especially on Internet- and e-commerce-related issues. More than 40 of the top researchers in this field have written chapters that go from the foundations to the state of the art. Basic chapters on algorithmic methods for equilibria, mechanism design and combinatorial auctions are followed by chapters on incentives and pricing, cost sharing, information markets and cryptography and security. Students, researchers and practitioners alike need to learn more about these fascinating theoretical developments and their widespread practical application.
About the Author
Tim Roughgarden is an Assistant Professor in the Department of Computer Science at Stanford University. Vijay Vazirani got his Bachelor's degree in Computer Science from MIT in 1979 and his PhD from the University of California at Berkeley in 1983. The central theme in his research career has been the design of efficient algorithms. Additionally, he has also worked on complexity theory, cryptography, coding theory and game theory. In 2001 he published what is widely regarded as the definitive book on Approximation Algorithms; this book has been translated into Japanese, Polish and French. He is a Fellow of the ACM.
Book Description
The book contains basic concepts, several applications of Genetic Algorithms and solved Genetic Problems using MATLAB software and C/C++.
The salient features of the book include - detailed explanation of Genetic Algorithm concepts, - numerous Genetic Algorithm Optimization Problems, - study on various types of Genetic Algorithms, - implementation of Optimization problem using C and C++, - simulated solutions for Genetic Algorithm problems using MATLAB 7.0, - brief description on the basics of Genetic Programming, - application case studies on Genetic Algorithm on emerging fields.
Book Description
This carefully edited book presents an up-to-date state of current research in the use of fuzzy sets and their extensions, paying attention to foundation issues and to their application to four important areas where fuzzy sets are seen to be an important tool for modelling and solving problems.
The book contains 34 chapters divided into two parts. The first part is divided into two sections. Section 1 contains four review papers introducing some non standard representations that extend fuzzy sets (type-2 fuzzy sets, Atanassov¡¦s IFS, fuzzy rough sets and computing with words under the fuzzy sets perspective). Section 2 reviews different aggregation issues from a theoretical and practical point of view; this second part is divided into four sections. Section 3 is devoted to decision making, with seven papers that show how fuzzy sets and their extensions are an important tool for modelling choice problems. Section 4 includes eight papers that cover different aspects on the use of fuzzy sets and their extensions in data mining, giving an illustrative review of the state of the art on the topic. Section 5 is devoted to the emergent topic of web intelligence and contains four papers that show the use of fuzzy sets theory in some problems that can be tackled in this topic. Section 6 is devoted to the use of fuzzy sets and their extensions in the field of computer vision, suggesting how these can be an useful tool in this area.
This volume will be extremely useful to any non-expert reader who is keen to get a good overview on the latest developments in this research field. It will also support those specialists who wish to discover the latest results and trends in the abovementioned areas.
Editorial Reviews
From Publishers Weekly
Ball (an NBCC award finalist for Bright Earth) enthusiastically demonstrates how the application of the laws of modern physics to the social sciences can greatly enrich our understanding of the laws of human behavior: we can, he says, make predictions about society without negating the individual's free will. He opens his lucid and compelling study with an account of Thomas Hobbes's mechanistic political philosophy and shows how Adam Smith, Kant, Auguste Comte and John Stuart Mill expanded on Hobbes's scientific but anti-utopian theories of government and society. Ball notes a return to such a scientific view of the social sciences in the past two decades, and he examines the application of physical laws to economics, politics, even the inevitable synchronization of a theater audience's applause. First, he exhaustively details the development of key concepts in contemporary physics, such as self-organization, phase transitions, flocking behavior, chaos, bifurcation points, preferential attachment networks and evolutionary game theory. Next, he shows how social scientists apply these concepts to the study of human organization. Ball's primary assertion is that we must attend to the relationship between global phenomena and local actions. In other words, noticing the impact of individual decisions on laws and institutions is more worthwhile than trying to predict the behavior of individuals (as Ball's discussion of the logic of voting habits makes all too clear). Ball's carefully argued disagreements with conventional economic theory make for particularly engaging reading. Nonspecialist readers who enjoy a steep learning curve will relish the thought-provoking discussions Ball provides. Photos, illus.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
From Booklist
In this wide-ranging investigation of pioneering attempts to explain social behavior by applying formulas borrowed from physics, Ball explains how maverick social theorists are now using discoveries about molecular motion and crystal formation to predict the behavior of various human groups, including crowds of soccer fans and clusters of pedestrians. Ball acknowledges that past "political arithmeticians" have often dehumanized their subjects by adopting mechanistic assumptions about individual psychology and have sometimes legitimated totalitarian rulers by giving them a putatively scientific charter. But Ball's numerous detailed examples of the new social physics show how statistical models from physics can yield highly reliable predictions for large-group outcomes without abridging the unpredictable freedom of individual choice. These same examples teach that a consistent physics of society yields not an ideological straitjacket stipulating how people should act but rather a detailed portrait of how people do act. Because the new social physics can help managers and policy makers in dozens of fields, this accessibly written book will attract a very diverse audience. Bryce Christensen
Copyright © American Library Association. All rights reserved
Editorial Reviews
Review
Kenneth J. Arrow, winner of the Nobel Prize in economics : The use of computational, especially agent-based, models has already shown its value in illuminating the study of economic and other social processes. Miller and Page have written an orientation to this field that is a model of motivation and insight, making clear the underlying thinking and illustrating it by varied and thoughtful examples. It conveys with remarkable clarity the essentials of the complex systems approach to the embarking researcher.
Samuel Bowles, author of "Microeconomics: Behavior, Institutions, Evolution" : In Complex Adaptive Systems, two masters of this burgeoning field provide a highly readable and novel restatement of the logic of social interactions, linking individually based micro processes to macrosocial outcomes, ranging from Adam Smith's invisible hand to Thomas Schelling's models of standing ovations. The book combines the vision of a new Santa Fe school of computational, social, and behavioral science with essential 'how to' advice for apprentice modelers.
Elinor Ostrom, author of "Understanding Institutional Diversity" : This is a wonderful book that will be read by graduate students, faculty, and policymakers. The authors write in an extraordinarily clear manner about topics that are very technical and difficult for many people. I sat down to begin thumbing through and found myself deeply engaged.
Book Description
This book provides the first clear, comprehensive, and accessible account of complex adaptive social systems, by two of the field's leading authorities. Such systems--whether political parties, stock markets, or ant colonies--present some of the most intriguing theoretical and practical challenges confronting the social sciences. Engagingly written, and balancing technical detail with intuitive explanations, Complex Adaptive Systems focuses on the key tools and ideas that have emerged in the field since the mid-1990s, as well as the techniques needed to investigate such systems. It provides a detailed introduction to concepts such as emergence, self-organized criticality, automata, networks, diversity, adaptation, and feedback. It also demonstrates how complex adaptive systems can be explored using methods ranging from mathematics to computational models of adaptive agents.
John Miller and Scott Page show how to combine ideas from economics, political science, biology, physics, and computer science to illuminate topics in organization, adaptation, decentralization, and robustness. They also demonstrate how the usual extremes used in modeling can be fruitfully transcended.
Editorial Reviews
Book Description
Methods of dimensionality reduction provide a way to understand and visualize the structure of complex data sets. Traditional methods like principal component analysis and classical metric multidimensional scaling suffer from being based on linear models. Until recently, very few methods were able to reduce the data dimensionality in a nonlinear way. However, since the late nineties, many new methods have been developed and nonlinear dimensionality reduction, also called manifold learning, has become a hot topic. New advances that account for this rapid growth are, e.g. the use of graphs to represent the manifold topology, and the use of new metrics like the geodesic distance. In addition, new optimization schemes, based on kernel techniques and spectral decomposition, have lead to spectral embedding, which encompasses many of the recently developed methods.
This book describes existing and advanced methods to reduce the dimensionality of numerical databases. For each method, the description starts from intuitive ideas, develops the necessary mathematical details, and ends by outlining the algorithmic implementation. Methods are compared with each other with the help of different illustrative examples.
The purpose of the book is to summarize clear facts and ideas about well-known methods as well as recent developments in the topic of nonlinear dimensionality reduction. With this goal in mind, methods are all described from a unifying point of view, in order to highlight their respective strengths and shortcomings.
The book is primarily intended for statisticians, computer scientists and data analysts. It is also accessible to other practitioners having a basic background in statistics and/or computational learning, like psychologists (in psychometry) and economists.
Editorial Reviews
Vancouver Sun
"A U.S. expert on complex systems suggests we use teamwork to solve our problems."
Review
Kenneth J. Arrow, Nobel Prize-winning economist : Scott Page has brought to our attention a practically important proposition: diversity of viewpoints is of the greatest importance in solving the problems that face us individually and collectively. Diversity among a group of problem solvers is more important than individual excellence. Page's exposition remarkably combines lightness and breadth of knowledge with rigor and evidence.
Bill Miller, Chairman and Chief Investment Officer, Legg Mason Capital Management : Scott Page knows more about diversity than anyone anywhere. In The Difference, he shows why diversity matters, how it leads to better outcomes, and most importantly why achieving the significant benefits of diversity requires thinking well beyond traditional categories such as race, gender, or ethnicity. Knowledge of this book should be a litmus test for educators and diversity trainers--if you haven't read it, you are just talking metaphor. Stop playing defense and start playing offense by buying this book.
Ian Ayres, coauthor of "Why Not? How to Use Everyday Ingenuity to Solve Problems Big and Small" : Does diversity trump ability when it comes to problem solving? Scott Page shows that the answer is, at least sometimes, yes. You'd do better to add more diversity of perspectives to your problem-solving team than to increase the average ability of individual team members. Diversity in both experience and identity can spark a group's creativity. Page pursues the logic of diversity and shows why and when hiring people who differ can lead to a better bottom line.
Max Bazerman, Harvard Business School : The book is brilliant. Page has a dazzling eclecticism.
Book Description
This book explores the intersection between cognitive sciences and social sciences. In particular, it explores the intersection between individual cognitive modeling and modeling of multi-agent interaction (social stimulation). The two contributing fields - individual cognitive modeling (especially cognitive architectures) and modeling of multi-agent interaction (including social simulation and, to some extent, multi-agent systems) - have seen phenomenal growth in recent years. However, the interaction of these two fields has not been sufficiently developed. We believe that the interaction of the two may be more significant than either alone. They bring with them enormous intellectual capitals. These intellectual capitals can be profitably leveraged in creating true synergy between the two fields, leading to more in-depth studies and better understanding of both individual cognition and sociocultural processes. It is possible that an integrative field of study in cognitive and social sciences is emerging and we are laying the foundation for it.
?It explores a heretofore largely unexplored area
?Chapters are written by leading researchers in various disciplines. They provide provocative new insight into relevant issues and solid research
?It is intended for researchers and students in cognitive, behavioral, and social sciences but it may also be read by interested laymen
Book Description
A full understanding of the biology and behavior of humans cannot be complete without the collective contributions of the social sciences, cognitive sciences, and neurosciences. This book collects eighty-two of the foundational articles in the emerging discipline of social neuroscience.
The book addresses five main areas of research: multilevel integrative analyses of social behavior, using the tools of neuroscience, cognitive science, and social science to examine specific cases of social interaction; the relationships between social cognition and the brain, using noninvasive brain imaging to document brain function in various social situations; rudimentary biological mechanisms for motivation, emotion, and attitudes, and the shaping of these mechanisms by social factors; the biology of social relationships and interpersonal processes; and social influences on biology and health.
Description:
The complex social behaviors of ants have been much studied by science, and computer scientists are now finding that these behavior patterns can provide models for solving difficult combinatorial optimization problems. The attempt to develop algorithms inspired by one aspect of ant behavior, the ability to find what computer scientists would call shortest paths, has become the field of ant colony optimization (ACO), the most successful and widely recognized algorithmic technique based on ant behavior. This book presents an overview of this rapidly growing field, from its theoretical inception to practical applications, including descriptions of many available ACO algorithms and their uses.
The book first describes the translation of observed ant behavior into working optimization algorithms. The ant colony metaheuristic is then introduced and viewed in the general context of combinatorial optimization. This is followed by a detailed description and guide to all major ACO algorithms and a report on current theoretical findings. The book surveys ACO applications now in use, including routing, assignment, scheduling, subset, machine learning, and bioinformatics problems. AntNet, an ACO algorithm designed for the network routing problem, is described in detail. The authors conclude by summarizing the progress in the field and outlining future research directions. Each chapter ends with bibliographic material, bullet points setting out important ideas covered in the chapter, and exercises. Ant Colony Optimization will be of interest to academic and industry researchers, graduate students, and practitioners who wish to learn how to implement ACO algorithms.
Marco Dorigo is research director of the IRIDIA lab at the Universit?Libre de Bruxelles and the inventor of the Ant Colony Optimization metaheuristic for combinatorial optimization problems.
Thomas Stõzle is Assistant Professor in the Computer Science Department at Darmstadt University of Technology.
Description:
In this paper, we address the use of adaptive computational modeling techniques in the field of political economy. The introduction considers the advantages of computational methods. The bulk of the paper describes two computational models: a spatial model of electoral competition and a Tiebout model. At the end of the paper, we discuss what the future may hold for these new techniques.
Description:
Word from the Publisher
Designed as a "sequel" to Brain Mapping: The Methods, this volume covers the utilization of methods for the study of brain structure and function. The chapters are organized on a systems level, so that information collected across modalities can be used to describe knowledge gained by using many brain mapping approaches. Presents information on the normal as well as the diseased brain.
Word from the Publisher
Brain mapping has forever altered and extended our understanding of the systems of the brain. The integrative capacity of brain maps enables the inclusion of a diverse array of observations and experimental results. Maps are used to describe brain structure, function, and connectivity, to catalog the ever-expanding knowledge base of human and animal nervous systems, to compare healthy tissue with diseased tissue, and to show detailed subsystems and circuits.
Brain Mapping: The Systems is a compilation of the current research and developments in brain mapping. This book, the second in a series, provides an encyclopedic survey of brain maps characterizing the specific systems of the brain. It is a natural companion to Brain Mapping: The Methods because it describes the use of these techniques to create maps of the normal brain. It is an essential resource for all scientists, clinicians, and students interested in brain mapping.
Key Features
* Brings together the latest developments in brain mapping in one volume
* Provides a detailed and chronological perspective of the field
* Progresses from descriptions of underlying anatomic framework for mapping primary functional systems to more complex cognitive and emotional behaviors
* Includes numerous full-color illustrations for comparing and contrasting brain structure and function
* Allows for the integration of disparate information about the brain
Book Description
Neurophysiological, neuroanatomical, and brain imaging studies have helped to shed light on how the brain transforms raw sensory information into a form that is useful for goal-directed behavior. A fundamental question that is seldom addressed by these studies, however, is why the brain uses the types of representations it does and what evolutionary advantage, if any, these representations confer. It is difficult to address such questions directly via animal experiments. A promising alternative is to use probabilistic principles such as maximum likelihood and Bayesian inference to derive models of brain function.
This book surveys some of the current probabilistic approaches to modeling and understanding brain function. Although most of the examples focus on vision, many of the models and techniques are applicable to other modalities as well. The book presents top-down computational models as well as bottom-up neurally motivated models of brain function. The topics covered include Bayesian and information-theoretic models of perception, probabilistic theories of neural coding and spike timing, computational models of lateral and cortico-cortical feedback connections, and the development of receptive field properties from natural signals.
Description
Mathematical superstar and inventor of fractal geometry, Benoit Mandelbrot, has spent the past forty years studying the underlying mathematics of space and natural patterns. What many of his followers don't realize is that he has also been watching patterns of market change. In The (Mis)Behavior of Markets, Mandelbrot joins with science journalist and former Wall Street Journal editor Richard L. Hudson to reveal what a fractal view of the world of finance looks like. The result is a revolutionary reevaluation of the standard tools and models of modern financial theory. Markets, we learn, are far riskier than we have wanted to believe. From the gyrations of IBM's stock price and the Dow, to cotton trading, and the dollar-Euro exchange rate--Mandelbrot shows that the world of finance can be understood in more accurate, and volatile, terms than the tired theories of yesteryear.The ability to simplify the complex has made Mandelbrot one of the century's most influential mathematicians. With The (Mis)Behavior of Markets, he puts the tools of higher mathematics into the hands of every person involved with markets, from financial analysts to economists to 401(k) holders. Markets will never be seen as "safe bets" again.
Book Description
Data Mining in Finance presents a comprehensive overview of major algorithmic approaches to predictive data mining, including statistical, neural networks, ruled-based, decision-tree, and fuzzy-logic methods, and then examines the suitability of these approaches to financial data mining. The book focuses specifically on relational data mining (RDM), which is a learning method able to learn more expressive rules than other symbolic approaches. RDM is thus better suited for financial mining, because it is able to make greater use of underlying domain knowledge. Relational data mining also has a better ability to explain the discovered rules - an ability critical for avoiding spurious patterns which inevitably arise when the number of variables examined is very large. The earlier algorithms for relational data mining, also known as inductive logic programming (ILP), suffer from a relative computational inefficiency and have rather limited tools for processing numerical data. Data Mining in Finance introduces a new approach, combining relational data mining with the analysis of statistical significance of discovered rules. This reduces the search space and speeds up the algorithms. The book also presents interactive and fuzzy-logic tools for `mining' the knowledge from the experts, further reducing the search space. Data Mining in Finance contains a number of practical examples of forecasting S&P 500, exchange rates, stock directions, and rating stocks for portfolio, allowing interested readers to start building their own models. This book is an excellent reference for researchers and professionals in the fields of artificial intelligence, machine learning, data mining, knowledge discovery, and applied mathematics.
ABOUT THE BOOK
FROM THE PUBLISHER
Privacy and Technologies of Identity: A Cross-Disciplinary Conversation provides an overview of ways in which technological changes raise privacy concerns. It then addresses four major areas of technology: RFID and location tracking technology; biometric technology; data mining; and issues with anonymity and authentication of identity. Many of the chapters are written with the non-specialist in mind, seeking to educate a diverse audience on the "basics" of the technology and the law and to point out the promise and perils of each technology for privacy. The material in this book provides an interface between legal and policy approaches to privacy and technologies that either threaten or enhance privacy.
Book Description
RFID, which stands for Radio Frequency IDentification, is a technology that uses computer chips smaller than a grain of sand to track items from a distance. And as this mind-blowing book explains, plans and efforts are being made now by global corporations and the U.S government to turn this advanced technology, these spychips, into a way to track our daily activities-and keep us all on Big Brother's short leash. Compiling massive amounts of research with firsthand knowledge, Spychips explains RFID technology and reveals the history and future of the master planners' strategies to imbed these trackers on everything-from postage stamps to shoes to people themselves-and spy on Americans without our knowledge or consent. It also urgently encourages consumers to take action now-to protect their privacy and civil liberties before it's too late.
About this book
Knowledge Discovery from Legal Databases is the first text to describe data mining techniques as they apply to law. Law students, legal academics and applied information technology specialists are guided thorough all phases of the knowledge discovery from databases process with clear explanations of numerous data mining algorithms including rule induction, neural networks and association rules. Throughout the text, assumptions that make data mining in law quite different to mining other data are made explicit. Issues such as the selection of commonplace cases, the use of discretion as a form of open texture, transformation using argumentation concepts and evaluation and deployment approaches are discussed at length.
Book Description
Geographical Weighted Regression (GWR) is a new local modelling technique for analysing spatial analysis. This technique allows local as opposed to global models of relationships to be measured and mapped. This is the first and only book on this technique, offering comprehensive coverage on this new 'hot' topic in spatial analysis.
Provides step-by-step examples of how to use the GWR model using data sets and examples on issues such as house price determinants, educational attainment levels and school performance statistics
Contains a broad discussion of and basic concepts on GWR through to ideas on statistical inference for GWR models
uniquely features accompanying author-written software that allows users to undertake sophisticated and complex forms of GWR within a user-friendly, Windows-based, front-end.
Book Description
Spatial analysis assists theoretical understanding and empirical testing in the social sciences, and rapidly expanding applications of geographic information technologies have advanced the spatial data-gathering needed for spatial analysis and model making. This much-needed volume covers
outstanding examples of spatial thinking in the social sciences, with each chapter showing some aspect of how certain social processes can be understood by analyzing their spatial context. The audience for this work is as trans-disciplinary as its authorship because it contains approaches and
methodologies useful to geography, anthropology, history, political science, economics, criminology, sociology, and statistics.
Book Description
Conventional model-based data processing methods are computationally expensive and require experts¡¦ knowledge for the modelling of a system; neural networks provide a model-free, adaptive, parallel-processing solution. Neural Networks in a Softcomputing Framework presents a thorough review of the most popular neural-network methods and their associated techniques. This concise but comprehensive textbook provides a powerful and universal paradigm for information processing. Each chapter provides state-of-the-art descriptions of the important major research results of the respective neural-network methods. A range of relevant computational intelligence topics, such as fuzzy logic and evolutionary algorithms, are introduced. These are powerful tools for neural-network learning. Array signal processing problems are discussed in order to illustrate the applications of each neural-network model. Neural Networks in a Softcomputing Framework is an ideal textbook for graduate students and researchers in this field because in addition to grasping the fundamentals, they can discover the most recent advances in each of the popular models. The systematic survey of each neural-network model and the exhaustive list of references will enable researchers and students to find suitable topics for future research. The important algorithms outlined also make this textbook a valuable reference for scientists and practitioners working in pattern recognition, signal processing, speech and image processing, data analysis and artificial intelligence.
Book Description:
In the tradition of Oliver Sacks and the national bestseller, 'The Tipping Point', one of today's most original thinkers offers a view of how the world really works.
Book Description
Choices, Values, and Frames presents an empirical and theoretical challenge to classical utility theory, offering prospect theory as an alternative framework. Extensions and applications to diverse economic phenomena and to studies of consumer behavior are discussed. The book also elaborates on framing effects and other demonstrations that preferences are constructed in context, and it develops new approaches to the standard view of choice-based utility. As with the classic 1982 volume, Judgment Under Uncertainty, this volume is comprised of papers published in diverse academic journals. The editors have written several new chapters and a preface to provide a context for the work.
Book Description
Where do new ideas come from? What is social intelligence? Why do social scientists perform mindless statistical rituals? This vital book is about rethinking rationality as adaptive thinking: to understand how minds cope with their environments, both ecological and social.
Gerd Gigerenzer proposes and illustrates a bold new research program that investigates the psychology of rationality, introducing the concepts of ecological, bounded, and social rationality. His path-breaking collection takes research on thinking, social intelligence, creativity, and
decision-making out of an ethereal world where the laws of logic and probability reign, and places it into our real world of human behavior and interaction. Adaptive Thinking is accessibly written for general readers with an interest in psychology, cognitive science, economics, sociology,
philosophy, artificial intelligence, and animal behavior. It also teaches a practical audience, such as physicians, AIDS counselors, and experts in criminal law, how to understand and communicate uncertainties and risks.
Book Description
How do people, animals, and institutions make decisions in a complex and uncertain world? Rational choice theory answers this question from the perspective of an omniscient and omnipotent superintelligence that decides by optimizing. In contrast, this book promotes the concept of the "adaptive toolbox," a repertoire of fast and frugal heuristics for real people with limited time, knowledge, and resources. It views bounded rationality neither as optimality under constraints nor as the study of people's reasoning fallacies. The strategies in the adaptive toolbox dispense with optimization and, for the most part, with calculations of probabilities and utilities.
The book extends the concept of bounded rationality from cognitive tools to emotions; it analyzes social norms, imitation, and other cultural tools as rational strategies; and it shows how smart strategies can exploit the structures of environments. It brings together experts from cognitive science, economics, evolutionary biology, and anthropology to create an interdisciplinary basis for understanding the adaptive toolbox.
Book Description
An informal and revealing introduction to the ideas of modern systems theory and self-organization as they apply to problems in the economic realm. Discovering Artificial Economics is an informal introduction to the ideas of modern systems theory and self-organization as they apply to problems in the economic realm. David Batten interleaves anecdotes and stories with technical discussions, in order to provide the general reader with a good feel for how economies function and change. Using a wealth of examples from evolutionary game theory, to stock markets, to urban and traffic planning, Batten shows how economic agents interact to produce the behavior we have come to recognize as economic life. Despite the book's easy-to-read style, Batten's message is quite profound. Strongly interactive groups of agents can produce unexpected collective behavior, emergent features which are lawful in their own right. These patterns of emergent behavior are the hallmark of a complex, self-organizing economy.
Book Description
In the 1980s and early 1990s, a substantial number of U.S. companies announced major restructuring and downsizing. But we don¡¦t know exactly what changes in the U.S. and global economy triggered this phenomenon. Little research has been done on the underlying causes of downsizing. Did companies actually reduce the size of their workforces, or did they simply change the composition of their workforces by firing some kinds of workers and hiring others? Downsizing in America, one of the most comprehensive analyses of the subject to date, confronts all these questions, exploring three main issues: the extent to which firms actually downsized, the factors that triggered changes in firm size, and the consequences of downsizing.
The authors show that much of the conventional wisdom regarding the spate of downsizing in the 1980s and 1990s is inaccurate. Nearly half of the large firms that announced major layoffs subsequently increased their workforce by more than 10 percent within 2 or 3 years. The only arena in which downsizing predominated appears to be the manufacturing sector¡Xless than 20 percent of the U.S. workforce.
Downsizing in America offers a range of compelling hypotheses to account for the adoption of downsizing as an accepted business practice. In the short run, many companies experiencing difficulties due to decreased sales, cash flow problems, or declining securities prices reduced their workforces temporarily, expanding them again when business conditions improved. The most significant trigger leading to long-term downsizing was the rapid change in technology. Companies rid themselves of their least skilled workers and subsequently hired employees who were better prepared to work with new technology, which in some sectors reduced the size of firm at which production is most efficient.
Baumol, Blinder, and Wolff also reveal what they call the dirty little secret of downsizing: it is profitable in part because it holds down wages. Downsizing in America shows that reducing employee rolls increased profits, since downsizing firms spent less money on wages relative to output, but it did not increase productivity. Nor did unions impede downsizing. The authors show that unionized industries were actually more likely to downsize in order to eliminate expensive union labor. In sum, downsizing transferred income from labor to capital¡Xfrom workers to owners.
Downsizing in America combines an investigation of the underlying realities and causes of workforce reduction with an insightful analysis of the consequent shift in the balance of power between management and labor, to provide us with a deeper understanding of one of the major economic shifts of recent times¡Xone with far-reaching implications for all American workers. --This text refers to the Hardcover edition.
Book Description
The economic analysis of legal and regulatory issues need not be limited to the neoclassical economic approach. The expert contributors to this work employ a variety of heterodox legal-economic theories to address a broad range of legal issues. They demonstrate how these various approaches can lead to very different conclusions concerning the role of the law and legal intervention in a wide array of contexts. The schools of thought and methodologies represented here include institutional economics, new institutional economics, socio-economics, social economics, behavioral economics, game theory, feminist economics, Rawlsian economics, radical economics, Austrian economics, and personalist economics. The legal and regulatory issues examined include anti-trust and competition, corporate governance, the environment and natural resources, land use and property rights, unions and collective bargaining, welfare benefits, work-time regulation and standards, sexual harassment in the workplace, obligations of employers and employees to each other, crime, torts, and even the structure of government. Each contributor brings a different emphasis and provides thoughtful, sometimes provocative analysis and conclusions. Together, these heterodox insights will provide valuable supplementary reading for courses in law and economics as well as public policy and business courses at both the graduate and undergraduate levels.
Book Description
Evolutionary economics is attracting increasing interest as a way of understanding the processes which generate particular forms of economic activities and structures. This collection brings together economists who are at the forefront of this new field of enquiry to provide the most comprehensive and authoritative survey available.
Reviews
Synopsis
Productivity growth has long been recognised by both economists and non-economists as being necessary for all economies aspiring to raise their standard of living. Thus, Renuka Mahadevan aims to highlight the conceptual differences, advantages and disadvantages of the various total factor productivity (TFP) measures and suggests processes and strategies for choosing the best technique to draw up policies for sustainable growth. Empirical results from six case studies are presented, and the analysis of the selected Asia Pacific economies is not only informative but also allows for variety in issues concerning productivity analysis. Consequently, policy measures based on each of the economies' experiences are carefully measured out in relation to various aspects such as trade liberalisation, industrial policy and other microeconomic and macroeconomic policies. The nature of the applied work in the book is refreshing and will therefore appeal to policy makers. It is also a valuable reference material for economists and researchers in industry and government, as well as graduate students who are interested in the Asia-pacific region and in particular, in productivity growth analysis.
Although the title of this volume might suggest that it deals mainly with the relationship between economic integration and multinational firm behavior, that topic is only lightly touched on. This is a collection of papers from a 2001 conference on many aspects of industrial location and of multinational firm behavior, not all closely related to economic integration. A useful feature is that much of the material relates to European and Asian firms, not as frequently analyzed as U.S. firms. The introduction gives a good overview of the book, bringing some order to a collection that on its face has little unity. The book would have benefited from some selection among the 19 papers and from extensive editing. A collection of papers by authors from many countries, published in English, needs serious editing to insure that descriptions of data and analyses are comprehensible. Some of these papers are hard going in this respect.
The first section of the volume deals mainly with firm location decisions. Three chapters, using mainly French data, deal with the location of activity by multinationals. The most ambitious of these, by Thierry Mayer and Etienne Pfister, examines the role of intellectual property protection and its interaction with host country corruption and political rights in attracting French multinationals. The paper by Jean-Louis Mucchielli and Florence Puech deals with one specific measure of geographic concentration in French multinationals?location decisions and the paper by Bernadette Madeuf and Gilliane Lefebvre with the location of R&D activities of French multinationals.
João Paulo Filipe, Maria Paula Fontoura, Philippe Saucier, in a paper on the intrafirm trade of U.S. multinationals, use a familiar data set and introduce the geographical dispersion of U.S. industries as a variable, fitting into the subject of the conference. Surprisingly, no reference is made to the BEA's articles on intra-firm trade, which explain the data and their limitations and give some alternative measures. The following essay, by Kozo Kiyota and Fukunari Kimura, using Japanese microdata, finds that fragmentation of production, through both affiliate production and commissioned production, enhances the performance of Japanese multinationals. Another paper on Japanese FDI, a time series study by Yoko Sazanami. Seiji Yoshimura, and Kiyota, found the usual effect of real exchange rate changes over most of the period, but not at the time of the Asian crisis, a failure not totally explained by other variables.
The second section of the volume deals with the impact of FDI and other factors on developing host countries. A paper by Mudrajad Kuncoro and John Malcolm Dowling examines geographical concentration of industry in Java, and the following one, by Tran Van Hoa, is devoted mainly to the effects of inward FDI on growth in Korea, which were found to be significantly favorable. The discussion on investment inflows into Asia after the economic crisis, by Jong-Kil Kim, suffers from the long interval between original presentation and publication. For example, the table on deregulation ends with 1999, as do those on FDI inflows to Asia. The following paper, by Nathalie Aminian, on effects on economic growth of FDI inflows into Northeast Asia over a longer period finds the usual lack of “robust?effects. A study of the political economy of the changing Korean environment, by You-il Lee, provides a different view from the usual economic analysis of the peculiarities of that market for multinationals from the usual economic analysis. Françoise Nicolas discusses exchange rate policy with respect to levels and volatility as a vehicle for attracting FDI, concluding that levels were most important, and suggesting the benefits of pegging to a depreciating currency.
The third section contains papers grouped under the heading of international trade and investment in regional economic integration. A paper by João Dias, one of those that really fits the book's title, describes the rapid reorientation of trade that followed the entrance of Spain and Portugal into the European Union. That reorientation was followed by shifts in population and economic activity. A somewhat adventurous study by Camilla Jensen explores “industrial learning and upgrading?in the industries of Central and Eastern Europe and the possible role of FDI in advancing it. One may be skeptical about the measurement of those concepts, but it is an interesting attempt. An analysis by Young-il Park on intra-regional trade in Northeasr Asia discusses the rapid rise of that trade, explains that growth, and predicts further relative increases in it, along with increasing institutional ties. Also related to integration, a paper by Jong-Hwan Ko and Jung Duk Lim estimates the impact of a Korea–Singapore free trade agreement. The gain from tariff elimination, by itself, seems to go mainly to Singapore, but the gains from the projected productivity increases in both countries over a longer period are much larger and more evenly shared between the two countries. A paper on Taiwanese FDI in China and Southeast Asia, by Chen-Min Hsu and Wan-Chun Liu ascribes a major integrating influence to Taiwan's outward FDI. It also examines the effects of outward FDI on the investing firms in Taiwan, as they vary with firm size, location of investment, cause of foreign expansion, and type of foreign production. The last paper, by Dong-Chun Suh, is a discussion mainly of the political factors that have been obstacles to institutional integration in Northeast Asia and a look to the future of such arrangements.
As is obvious from this review, the volume contains a great variety of topics and viewpoints. That variety is one of its assets, and the strong representation of Korean authors, from a country that has been historically hostile to inward direct investment, gives an unusual flavor to the collection. It is also of interest to escape from the concentration of analyses of data from the United States, Sweden, and Japan that has been common. The drawbacks are that the collection does not hang together very well and that the quality of the papers is so uneven as to suggest that none of the original presentations was dropped from the volume. In addition, most of the papers give little attention to the quality of the data used, although there are exceptions. That is one of the penalties of widening the sources of data, but it makes the thorough examination of data quality more essential. Another drawback of the volume is what appears to be the indifferent attitude of the publisher to the job of editing a collection of papers from many countries and native languages.
A Frenchman rents a Hollywood movie. A Thai schoolgirl mimics Madonna. Saddam Hussein chooses Frank Sinatra's "My Way" as the theme song for his fifty-fourth birthday. It is a commonplace that globalization is subverting local culture. But is it helping as much as it hurts? In this strikingly original treatment of a fiercely debated issue, Tyler Cowen makes a bold new case for a more sympathetic understanding of cross-cultural trade. Creative Destruction brings not stale suppositions but an economist's eye to bear on an age-old question: Are market exchange and aesthetic quality friends or foes? On the whole, argues Cowen in clear and vigorous prose, they are friends. Cultural "destruction" breeds not artistic demise but diversity.
Through an array of colorful examples from the areas where globalization's critics have been most vocal, Cowen asks what happens when cultures collide through trade, whether technology destroys native arts, why (and whether) Hollywood movies rule the world, whether "globalized" culture is dumbing down societies everywhere, and if national cultures matter at all. Scrutinizing such manifestations of "indigenous" culture as the steel band ensembles of Trinidad, Indian handweaving, and music from Zaire, Cowen finds that they are more vibrant than ever--thanks largely to cross-cultural trade.
For all the pressures that market forces exert on individual cultures, diversity typically increases within society, even when cultures become more like each other. Trade enhances the range of individual choice, yielding forms of expression within cultures that flower as never before. While some see cultural decline as a half-empty glass, Cowen sees it as a glass half-full with the stirrings of cultural brilliance. Not all readers will agree, but all will want a say in the debate this exceptional book will stir.
Book Description
What do economists have to say about behavior within the context of the family? This book improves our understanding of how families and markets interact, why important aspects of families have been changing in recent decades, and how families respond to, and are affected by, public policy. It covers a broader range of topics with more consistency than have previous studies, including all major theoretical developments in the field over the past decade. John Ermisch builds his analysis on the premise that the standard analytical methods of microeconomics can help us understand resource allocation and the distribution of welfare within the family.
Families are dynamic institutions--and so the author uses these same methods to study family formation and dissolution (including marriage, fertility, and divorce) and household formation, as well as intergenerational transfers, household production and investment, and bargaining between family members. He also shows how economic theories of the family can help guide and structure empirical analyses of demographic and related phenomena, such as labor supply, child support, and returns to education. Examples of studies that apply the theory are provided throughout the book.
The most comprehensive and up-to-date introduction to an increasingly dynamic area of research, one with important implications for public policy, An Economic Analysis of the Family will be a valuable resource for advanced students of microeconomics and also for students and researchers in sociology, psychology, and other social sciences.
Book Description
Political, intellectual, and academic discourse in the United States has been awash in political correctness, which has itself been berated and defended -- yet little understood. As a corrective, Nelson and Greene look at a more general process: adopting political positions to enhance one's reputation for trustworthiness both to others and to oneself.
Phillip Nelson and Kenneth Greene are Professors of Economics in the Department of Economics at the State University of New York, Binghamton.
What happens if an employer cuts wages by one cent? Much of labor economics is built on the assumption that all the workers will quit immediately. Here, Alan Manning mounts a systematic challenge to the standard model of perfect competition. Monopsony in Motion stands apart by analyzing labor markets from the real-world perspective that employers have significant market (or monopsony) power over their workers. Arguing that this power derives from frictions in the labor market that make it time-consuming and costly for workers to change jobs, Manning re-examines much of labor economics based on this alternative and equally plausible assumption.
The book addresses the theoretical implications of monopsony and presents a wealth of empirical evidence. Our understanding of the distribution of wages, unemployment, and human capital can all be improved by recognizing that employers have some monopsony power over their workers. Also considered are policy issues including the minimum wage, equal pay legislation, and caps on working hours. In a monopsonistic labor market, concludes Manning, the "free" market can no longer be sustained as an ideal and labor economists need to be more open-minded in their evaluation of labor market policies. Monopsony in Motion will represent for some a new fundamental text in the advanced study of labor economics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject.
Book Description
This book is about is more than a subdiscipline within the field of economics---it is about a new field named "public choice political economy" that gradually evolved during the 1970s and 1980s at Virginia Polytechnic Institute in Blacksburg, Virginia. What is the field Public Choice Political Economy all about? How did it originate? Who were the main architects and builders? What values and work habits motivated the work? Finally, how did the facts about the development of public choice political economy stack up against what we know about science in general and how it has developed?The authors of the essays included in this volume, originally came together in May of 2000 in Blacksburg to celebrate their scientific achievements and take pride in the regimen of research and the processes that brewed at the legendary Public Choice center in Virginia. This location provided what turned out to be a fortuitous combination of obscurity and rustic quiet for original thoughts and concentrated debates. Inspired by the pioneer attitudes of the Virginians and the dedication and work ethic of James Buchana and Gordon Tullock, a core group of renegade social scientists broke new ground and started a revolution in thought.The big questions about economizing behavior, constitutional limitations on an overreaching bureaucracy and the possible design and redesign of institutions to harness self-interested behavior for the benefit of all are touched on and placed in historical context. The resulting public choice movement occurred first in economics and later extended to political science and beyond. This may have been one of the most important developments in 20th century social science.The book concludes with Nobel laureate, James Buchanan's thoughts about what had transpired largely but not exclusively under his guidance. Other contributors include, Richard B. McKenzie, Geoffrey Brennan, Stephen Medema and Robert Sugden. Professors Pitt, Salehi-Isfahani and Eckel provide a useful introduction to this collection. These essays and comments were originally published in The American Journal of Economics and Sociology in January of 2004 as an "invited volume." The book contains an index and should be of great interest to historians of economics and the social sciences.
Book Description
A collection of carefully selected contributions to behavioral economics from some of the leading international scholars in the field. Designed to fully complement Volume One, topics covered include preferences, behavioral game theory, motivated mental states and emotions and decision making.
Published five years ago, Per Bak's book How Nature Works: The Science of Self-Organised Criticality presented a new concept to the wider scientific community, that of Self-Organised Criticality. The image of the sand pile, retaining its conical shape as more sand is added, became widely known. Although avalanches on the sides of the pile (maintaining its stability) were individual unpredictable in size and timing, the distribution of avalanches and their timings displayed an interesting kind of regularity. In this review, I describe Bak's key ideas and explore their implications for social simulation and our understanding of society.
Some of the characteristics of a self-organised system Bak introduces are:
The system is open and dissipative, and its components are metastable.
The system organises itself in a critical state with avalanches of change at all sizes via which dissipation manifests itself. These avalanches are regular but not periodic.
The system is embedded in a single spatiotemporal fractal structure (p. 172). Unfortunately, Bak does not make explicit exactly what he means by structure.
A critically self-organised system might become catastrophically unstable if it were manipulated and forced into certain optimal states which take it out of its self-organised state.
About this book
This volume gathers some of the finest and most recent research in economic and political design. Among the authors are several most prominent academics as well as many new and promising researchers. They investigate social choice and electoral systems, auctions, matching, bargaining, coalitional stability and efficiency, regulation, the design of rights, mechanisms, games, hierarchies and information. The book is bound to become a standard reference as a collection displaying where we are and where we are going in a broad spectrum of areas in economic design.
Book Description
A demonstration of how religion and religious belief can emerge using computer simulations
Book Description
Social network analysis, which focuses on relationships among social entities, is used widely in the social and behavioral sciences, as well as in economics, marketing, and industrial engineering. Social Network Analysis: Methods and Applications reviews and discusses methods for the analysis of social networks with a focus on applications of these methods to many substantive examples. As the first book to provide a comprehensive coverage of the methodology and applications of the field, this study is both a reference book and a textbook.
Book Description
The revised and updated edition of this bestselling text provides an accessible introduction to the theory and practice of network analysis in the social sciences. It gives a clear and authoritative guide to the general framework of network analysis, explaining the basic concepts, technical measures and reviewing the available computer programs.
The book outlines both the theoretical basis of network analysis and the key techniques for using it as a research tool. Building upon definitions of points, lines and paths, John Scott demonstrates their use in clarifying such measures as density, fragmentation and centralization. He identifies the various cliques, components and circles into which networks are formed, and outlines an approach to the study of socially structured positions. He also discusses the use of multidimensional methods for investigating social networks.
Book Description
This is the first cross-over book in the history of science written by an historian of economics, combining a number of disciplinary and stylistic orientations. In it Philip Mirowshki shows how what is conventionally thought to be "history of technology" can be integrated with the history of economic ideas. His analysis combines Cold War history with the history of the postwar economics profession in America and later elsewhere, revealing that the Pax Americana had much to do with the content of such abstruse and formal doctrines such as linear programming and game theory. He links the literature on "cyborg science" found in science studies to economics, an element missing in the literature to date. Mirowski further calls into question the idea that economics has been immune to postmodern currents found in the larger culture, arguing that neoclassical economics has surreptitiously participated in the desconstruction of the integral "Self." Finally, he argues for a different style of economics, an alliance of computational and institutional themes, and challenges the widespread impression that there is nothing else besides American neoclassical economic theory left standing after the demise of Marxism. Philip Mirowski is Carl Koch Professor of Economics and the History and Philosophy of Science, University of Notre Dame. He teaches in both the economics and science studies communities and has written frequently for academic journals. He is also the author of More Heat than Light (Cambridge, 1992) and editor of Natural Images in Economics (Cambridge, 1994) and Science Bought and Sold (University of Chicago, 2001).
Description
Now, for the first time, publication of the landmark work in backpropagation! Scientists, engineers, statisticians, operations researchers, and other investigators involved in neural networks have long sought direct access to Paul Werbos¡¦s groundbreaking, much-cited 1974 Harvard doctoral thesis, The Roots of Backpropagation, which laid the foundation of backpropagation. Now, with the publication of its full text, these practitioners can go straight to the original material and gain a deeper, practical understanding of this unique mathematical approach to social studies and related fields. In addition, Werbos has provided three more recent research papers, which were inspired by his original work, and a new guide to the field. Originally written for readers who lacked any knowledge of neural nets, The Roots of Backpropagation firmly established both its historical and continuing significance as it:
Demonstrates the ongoing value and new potential of backpropagation
Creates a wealth of sound mathematical tools useful across disciplines
Sets the stage for the emerging area of fast automatic differentiation
Describes new designs for forecasting and control which exploit backpropagation
Unifies concepts from Freud, Jung, biologists, and others into a new mathematical picture of the human mind and how it works
Certifies the viability of Deutsch¡¦s model of nationalism as a predictive tool¡Xas well as the utility of extensions of this central paradigm
"What a delight it was to see Paul Werbos rediscover Freud¡¦s version of ¡¥back-propagation.¡¦ Freud was adamant (in The Project for a Scientific Psychology) that selective learning could only take place if the presynaptic neuron was as influenced as is the postsynaptic neuron during excitation. Such activation of both sides of the contact barrier (Freud¡¦s name for the synapse) was accomplished by reducing synaptic resistance by the absorption of ¡¥energy¡¦ at the synaptic membranes. Not bad for 1895! But Werbos 1993 is even better." ¡XKarl H. Pribram Professor Emeritus, Stanford University
Description
Computational intelligence has a long history of applications to business - expert systems have been used for decision support in management, neural networks and fuzzy logic have been used in process control, a variety of techniques have been used in forecasting, and data mining has become a core component of customer relationship management in marketing. While there is literature on this field, it is spread over many disciplines and in many different publications, making it difficult to find the pertinent information in one source.
Business Applications and Computational Intelligence addresses the need for a compact overview of the diversity of applications in a number of business disciplines, and consists of chapters written by leading international researchers. Chapters cover most fields of business, including: marketing, data mining, e-commerce, production and operations, finance, decision-making, and general management. Business Applications and Computational Intelligence provides a comprehensive review of research into computational intelligence applications in business, creating a powerful guide for both newcomers and experienced researchers.
Book Description
Foresight can be crucial in process and production control, production-and-resources planning and in management decision making generally. Although forecasting the future from accumulated historical data has become a standard and reliable method in production and financial engineering, as well as in business and management, the use of time series analysis in the on-line milieu of most industrial plants has been more problematic because of the time and computational effort required. The advent of intelligent computational technologies such as the neural network and the genetic algorithm promotes the efficient solution of on-line forecasting problems. THeir most outstanding successes include: ?prediction of nonlinear time series and the nonlinear combination of forecasts using neural networks; ?prediction of chaotic time series and of output data for second-order nonlinear plant using fuzzy logic. The power of intelligent technologies applied individually and in combination, has created advanced forecasting methodologies, exemplified in Computational Intellingence in Time Series Forecasting by particular systems and processes. The authors give a comprehensive exposition of the improvements on offer in quality, model building and predictive control, and the selection of appropriate tools from the plethora available using such examples as: ?forecasting of electrical load and of output data for nonlinear plant with neuro-fuzzy networks; ?temperature prediction and correction in pyrometer reading, tool-wear monitoring and materials property prediction using hybrid intelligent technologies; ?evolutionary training of neuro-fuzzy networks by the use of genetic algorithms and prediction of chaotic time series; ?isolated use of neural networks and fuzzy logic in the nonlinear combination of traditional forecasts of temperature series obtained from a pilot-scale chemical reactor with temporarily disconnected controller. Application-oriented engineers in process control, manufacturing, the production industries and research centres will find much to interest them in Computational Intelligence in Time Series Forecasting and the book is suitable for industrial training purposes. It will also serve as valuable reference material for experimental researchers.
Description
Whether any one technology will prove to be the central one in creating artificial intelligence, or whether a combination of technologies will be necessary to create an artificial intelligence is still an open question, so many scientists are experimenting with mixtures of such techniques. In Advances in Applied Artificial Intelligence these questions are implicitly addressed by scientists tackling specific problems which require intelligence in both individual and combinations of specific artificial intelligence techniques.
Advances in Applied Artificial Intelligence includes extensive references within each chapter which an interested reader may wish to pursue. Therefore, this book can be used as a central resource from which major avenues of research may be approached.
Description
Two of the most important factors contributing to national and international economy are processing of information for accurate financial forecasting and decision making as well as processing of information for efficient control of manufacturing systems for increased productivity. The associated problems are very complex and conventional methods often fail to produce acceptable solutions. Moreover, businesses and industries always look for superior solutions to boost profitability and productivity. In recent times, artificial neural networks have demonstrated promising results in solving many real-world problems in these domains, and these techniques are increasingly gaining business and industry acceptance among the practitioners.
Artificial Neural Networks in Finance and Manufacturing presents many state-of-the-art and diverse applications to finance and manufacturing, along with underlying neural network theories and architectures. It offers researchers and practitioners the opportunity to access exciting and cutting-edge research focusing on neural network applications, combining two aspects of economic domain in a single and consolidated volume.
This Third Edition provides the latest tools and techniques that enable computers to learn
The Third Edition of this internationally acclaimed publication provides the latest theory and techniques for using simulated evolution to achieve machine intelligence. As a leading advocate for evolutionary computation, the author has successfully challenged the traditional notion of artificial intelligence, which essentially programs human knowledge fact by fact, but does not have the capacity to learn or adapt as evolutionary computation does.
Readers gain an understanding of the history of evolutionary computation, which provides a foundation for the author's thorough presentation of the latest theories shaping current research. Balancing theory with practice, the author provides readers with the skills they need to apply evolutionary algorithms that can solve many of today's intransigent problems by adapting to new challenges and learning from experience. Several examples are provided that demonstrate how these evolutionary algorithms learn to solve problems. In particular, the author provides a detailed example of how an algorithm is used to evolve strategies for playing chess and checkers.
As readers progress through the publication, they gain an increasing appreciation and understanding of the relationship between learning and intelligence. Readers familiar with the previous editions will discover much new and revised material that brings the publication thoroughly up to date with the latest research, including the latest theories and empirical properties of evolutionary computation.
The Third Edition also features new knowledge-building aids. Readers will find a host of new and revised examples. New questions at the end of each chapter enable readers to test their knowledge. Intriguing assignments that prepare readers to manage challenges in industry and research have been added to the end of each chapter as well.
This is a must-have reference for professionals in computer and electrical engineering; it provides them with the very latest techniques and applications in machine intelligence. With its question sets and assignments, the publication is also recommended as a graduate-level textbook.
Book Description
Search Methodologies is a tutorial survey of the methodologies that are at the confluence of several fields: Computer Science, Mathematics and Operations Research. It is a carefully structured and integrated treatment of the major technologies in optimization and search methodology. The book is made up of 18 chapters. The chapter authors are drawn from across Computer Science and Operations Research and include some of the world¡¦s leading authorities in their field. Topical chapters in the book are highlighted in the contents. The result is a major state-of-the-art tutorial text of the main optimization and search methodologies available to researchers, students and practitioners across discipline domains in applied science. It can be used as a textbook or a reference book to learn and apply these methodologies to a wide range of today¡¦s problems. It has been written by some of the world¡¦s most well known authors in the field.
Book Description
Neoclassical economics as-sumes that people are highly rational and can reason their way through even the most complex economic problems. In Individual Strategy and Social Structure, Peyton Young argues for a more realistic view in which people have a limited understanding of their environment, are sometimes short-sighted, and occasionally act in perverse ways. He shows how the cumulative experiences of many such individuals coalesce over time into customs, norms, and institutions that govern economic and social life. He develops a theory that predicts how such institutions evolve and characterizes their welfare properties.
The ideas are illustrated through a variety of examples, including patterns of residential segregation, rules of the road, claims on property, forms of economic contracts, and norms of equity. The book relies on new results in evolutionary game theory and stochastic dynamical systems theory, many of them originated by the author. It can serve as an introductory text, or be read on its own as a contribution to the study of economic and social institutions.
Dramatic discoveries from one of the world's most respected scientists
Starting from a collection of simple computer experiments--illustrated in the book by striking computer graphics--Stephen Wolfram shows how their unexpected results force a whole new way of looking at the operation of our universe.
Wolfram uses his approach to tackle a remarkable array of fundamental problems in science, from the origins of apparent randomness in physical systems, to the development of complexity in biology, the ultimate scope and limitations of mathematics, the possibility of a truly fundamental theory of physics, the interplay between free will and determinism, and the character of intelligence in the universe.
Book Description
This volume provides a critical assessment of the wide spectrum of Hayek's celebrated work as economist and social philosopher. Included are papers on Hayek's early writings in the field of monetary economics, on which his later campaign against inflation, his controversial proposal for competing currencies, and his negative view of the impact of trade unions on the economy are based. Hayek's social philosophy, often regarded as the centre piece of his famous work, and the fundamental findings about human thinking, society, the market system and social rules of conduct it is based on, is evaluated by leading contemporary social philosophers. The volume leaves little doubt as to the considerable impact of Hayek's thinking on economic policy and social philosophy.
The Changing Face of Economics gives the reader a sense of the modern economics profession and how it is changing. The volume does so with a set of nine interviews with cutting edge economists, followed by interviews with two Nobel Prize winners, Paul Samuelson and Kenneth Arrow, reflecting on the changes that are occurring. What results is a clear picture of today's economics--and it is no longer standard neoclassical economics.
The interviews and commentary together demonstrate that economics is currently undergoing a fundamental shift in method and is moving away from traditional neoclassical economics into a dynamic set of new methods and approaches. These new approaches include work in behavioral economics, experimental economics, evolutionary game theory and ecological approaches, complexity and nonlinear dynamics, methodological analysis, and agent-based modeling.
This is the first textbook to be explicitly designed for use as a course text for an undergraduate/graduate course on multi-agent systems. Assuming only a basic understanding of computer science, this text provides an introduction to all the main issues in the theory and practice of intelligent agents and multi-agent systems.
* The companion Web Site includes sample exercises, lecture slidest and hyperlinks to software referred to in the book
* Introduces agents, explains what agents are, how they are constructed and how they can be made to co-operate effectively with one another in large-scale systems
* Introduces the main issues surrounding the design of intelligent agents
* Introduces a number of typical applications for agent technology
Book Description
This book employs novel techniques to compare technological capabilities and economic performance in seven countries at varying stages of industrial development: Brazil, Costa Rica, Indonesia, Kenya, Malaysia, South Africa and Uganda. The author uses a methodology drawn from the technology capability framework, but extensively adapts and simplifies it to extract common cross-industry parameters for statistical analysis. He employs the framework to compare the technological, local sourcing and performance dynamics of foreign and local firms in a variety of industries. The results offer a common synthesis and fresh ideas on the importance of foreign firms in technological capability building and economic performance in developing countries. They reveal that although foreign firms tend to enjoy higher human resource and process technology capabilities in the most underdeveloped economies, in the more advanced nations this comparative advantage is significantly eroded. The author shows how the institutional and systemic strength of a country can help to explain the level of participation of foreign firms in R&D activities. He also identifies domestic and regional markets, infrastructure, incentives, natural resources and human capital as important factors in stimulating significant R&D investment by foreign firms.
Book Description
Economists have had much to say about what causes aggregate economic growth, but they have been more reticent about the distributional dimension of that growth. Understanding development and the process of poverty reduction requires understanding not only how total income grows but also how
its distribution behaves over time. This book is a major new contribution to that process. The authors propose a decomposition of differences in entire distributions of household incomes, shedding new light on the powerful, and often conflicting, forces that underpin the changes in poverty and
inequality that accompany the process of economic development. This approach is applied to three East Asian countries--Indonesia, Malaysia, and China--and to four in Latin American--Argentina, Brazil, Colombia, and Mexico.
Book Description
In May 2004 the European Union will undergo the largest expansion in its history when ten countries--Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia--become members. The number of new members and their diversity make this "big bang" enlargement particularly challenging. Not only do these countries vary widely in language, culture, and geography, but also their per capita income is less than half that of existing members. EU officials believe that expanded integration will serve the EU's objectives of peace, stability, prosperity, and democracy; but the less abstract questions of costs and benefits of enlargement are more complex.
Each of the chapters in this CESifo volume addresses a different aspect of EU expansion. The contributors, all leading international practitioners and scholars, consider such topics as the effect of euro zone expansion on European Central Bank monetary policy making; using the euro as an external anchor for a national currency; worker migration and income differentials; the Swiss experience with immigration policy in a direct democracy framework; detailed sector analysis using a computable general equilibrium model of the world economy; investment and job creation and destruction in incumbent member countries; and the asymmetric effects of enlargement on high- and low-income incumbent countries. Taken together, the chapters provide useful guidance in shaping the EU policies of the future.
Book Description
Introduction to the Theory of Cooperative Games systematically studies the main solutions of cooperative games: the core, bargaining set, kernel, nucleolus, and the Shapley value of TU games, and the core, the Shapley value, and the ordinal bargaining set of NTU games. To each solution a separate chapter is devoted, in which its properties are investigated in full detail. Moreover, important variants are defined or even intensively analyzed. Separate chapters cover continuity, dynamics, and geometric properties of solutions of TU games. This study culminates in uniform and coherent axiomatizations of all the foregoing solutions (excluding the bargaining set). Except for the Shapley value such axiomatizations have not appeared in any book. Moreover, Introduction to the Theory of Cooperative Games contains a detailed analysis of the main results on cooperative games without side payments. Such analysis is very limited or non-existent in the existing literature on game theory.
Book Description
Since the end of World War II, economists have tried to figure out how poor countries in the tropics could attain standards of living approaching those of countries in Europe and North America. Attempted remedies have included providing foreign aid, investing in machines, fostering education, controlling population growth, and making aid loans as well as forgiving those loans on condition of reforms. None of these solutions has delivered as promised. The problem is not the failure of economics, William Easterly argues, but the failure to apply economic principles to practical policy work.
In this book Easterly shows how these solutions all violate the basic principle of economics, that people--private individuals and businesses, government officials, even aid donors--respond to incentives. Easterly first discusses the importance of growth. He then analyzes the development solutions that have failed. Finally, he suggests alternative approaches to the problem. Written in an accessible, at times irreverent, style, Easterly¡¦s book combines modern growth theory with anecdotes from his fieldwork for the World Bank.
Book Description
Economics is the study of a complex system in which simple laws are not always forthcoming. That complexity mandates three branches of the profession: positive, normative and the art of economics. The economics profession has focused on one of these - positive economics, and in doing so has lost the art of economics. In a series of provocative essays the author argues that most of what economists do is applied policy, which belongs in the art of economics, not in normative or positive economics.
The essays explore the forces in academic institutions that have led economics to its current position, as well as the implications of the lost art for the economics profession and its future. In the end, the author is positive about the future of the profession, and predicts that in 2050 it will no longer be as Solow suggested it currently is - 'the overeducated in pursuit of the unknowable'. Instead it will be the 'appropriately educated in search of the knowable'.
The essays are written in a highly accessible style, and can be enjoyed by most non-economists, as well as by those economists who don't take themselves too seriously. It can be usefully read by all economists, even those who do take themselves too seriously.
Description ¡G
Modelling with the It?integral or stochastic differential equations has become increasingly important in various applied fields, including physics, biology, chemistry and finance. However, stochastic calculus is based on a deep mathematical theory.
This book is suitable for the reader without a deep mathematical background. It gives an elementary introduction to that area of probability theory, without burdening the reader with a great deal of measure theory.
Applications are taken from stochastic finance. In particular, the Black-Scholes option pricing formula is derived. The book can serve as a text for a course on stochastic calculus for non-mathematicians or as elementary reading material for anyone who wants to learn about It?calculus and/or stochastic finance.
Description¡G
The Efficient Markets Hypothesis has been the central proposition of finance for nearly 30 years. This book, by one of the foremost US economists, presents an alternative view of financial markets: behavioural finance.
Shleifer demonstrates the oversimplification of EMH both in the common assumption of perfect rationality and the failure of arbitrage to adjust prices correctly.
By also detailing the empirical failings of EMH, this book makes a significant contribution to the future.
Description
For those addressing ecological and natural resource management problems this volume presents a set of coherent, cross-referenced perspectives on incorporating the spatial representation and analytical power of GIS with agent-based modeling of evolutionary and non-linear processes and phenomena. Many recent advances in software algorithms for incorporating geographic data in modeling social and ecological behaviors and also the success in applying such algorithms have not been adequately represented in the present literature. This book fills that gap and provides much needed information on applications for the research community as well as those in the management of natural resources.
Understanding the Process of Economic Change helps to explain social and economic change by carefully considering the role played by belief systems and institutions in reducing uncertainty. North analysis reaches deep into recent advances in cognitive science to explore the source of a given society’s institutional matrix and its adaptive efficiency. Specifically, North explores how individual beliefs and belief systems interrelate with the formal and informal rules of a given society. He demonstrates how this approach enriches our understanding of social change through two extended examples ?the rise of the West, and the rise and fall of the Soviet Union.
Book Description
The Computational Intelligence and its Applications Series publishes academic work based either on one of the computational intelligence techniques or on applications of these techniques to a field of human endeavor. The books may be single author monographs, multiple author editions, conference proceedings, handbooks, or edited volumes by leading researchers with chapters contributed by researchers in the field. Computational Economics: A Perspective from Computational Intelligence is a part of this series.
Computational Economics: A Perspective from Computational Intelligence provides models of various economic and financial issues while using computational intelligence as a foundation. The scope of this volume comprises finance, economics, management, organizational theory and public policies. It explains the ongoing and novel research in this field, and displays the power of these computational methods in coping with difficult problems with methods from traditional perspectives. By encouraging the discussion of different views, this book serves as an introductory and inspiring volume that helps to flourish studies in computational economics.
Description
If entrepreneurship remains as important to the economy as ever, then the continuing failure of mainstream economics to adequately account for entrepreneurship indicates that fundamental principles require re-evaluation. It seems no longer possible to expect that only theoretical refinements and extending known principles can provide for a theory of entrepreneurship. The articles in this book provide interesting new ideas and insights on a theory of entrepreneurship in the economy (W.J. Baumol, D.B. Audretsch, A.V. Bhide) in part one, and interesting recent research on entrepreneurship in part two.
In his article A. Heertje writes that: ?It is interesting to note that in the aftermath of the Schumpeter revival, since the eighties of last century our field observes the emergence of entrepreneurial economics. Several threads come together. Economic theory substituted the paradigm of perfect knowledge for imperfect information, developed a more refined analysis of risk and uncertainty in economic life and the theory of games provided the framework for the analysis of strategic behaviour in general. The theory of industrial organisation entered a higher level of sophistication and chaos theory as part of economic dynamics helped to transform verbal Schumpeterian ideas and intuitions into a refined mathematical structure. Also the application of insights from theoretical physics, like thermodynamics and entropy are very promising. These developments have brought the modern entrepreneur of flesh and blood, being embedded in a global world of enduring technical change, uncertain challenges, threats and opportunities in the forefront of advanced economic analysis?.
We do hope that this book contributes to the emergence of the Entrepreneurial Economics field, or school of thought, in which the study of patterns in the complex, seemingly chaotic and unpredictable process of entrepreneurship and its role in the economy stands central.
Book Description
The economics of substance use and abuse deals with the consumption of goods that share two properties. First, they are addictive in the sense that an increase in past consumption of the good leads to an increase in current consumption. Second, their consumption harms the consumer and others. This second property makes them of interest from policy, legal, and public health perspectives. The tremendous expansion in research in the economics of substance use and abuse since the early 1980s and the presence of many unresolved issues motivate this volume. While most of the papers are by economists, the disciplines of medicine, political science, and psychology also are represented. Any successful attempt to address substance use must adopt an interdisciplinary perspective. The aim of the volume to cover issues pertaining to individual behavior, social interactions, markets, and politics makes this all the more necessary. Some of the twenty papers in the volume contain new estimates of the price sensitivity of alcohol, cigarettes, marijuana, cocaine, and heroin. Others focus on the effects of consumption on earnings, crime, suicide, and sexually transmitted diseases. Still others addres
Book Description
Twenty years ago, behavioral economics did not exist as a field. Most economists were deeply skeptical--even antagonistic--toward the idea of importing insights from psychology into their field. Today, behavioral economics has become virtually mainstream. It is well represented in prominent journals and top economics departments, and behavioral economists, including several contributors to this volume, have garnered some of the most prestigious awards in the profession.
This book assembles the most important papers on behavioral economics published since around 1990. Among the 25 articles are many that update and extend earlier foundational contributions, as well as cutting-edge papers that break new theoretical and empirical ground.
Advances in Behavioral Economics will serve as the definitive one-volume resource for those who want to familiarize themselves with the new field or keep up-to-date with the latest developments. It will not only be a core text for students, but will be consulted widely by professional economists, as well as psychologists and social scientists with an interest in how behavioral insights are being applied in economics.
The articles, which follow Colin Camerer and George Loewenstein`s introduction, are by the editors, George A. Akerlof, Linda Babcock, Shlomo Benartzi, Vincent P. Crawford, Peter Diamond, Ernst Fehr, Robert H. Frank, Shane Frederick, Simon Gächter, David Genesove, Itzhak Gilboa, Uri Gneezy, Robert M. Hutchens, Daniel Kahneman, Jack L. Knetsch, David Laibson, Christopher Mayer, Terrance Odean, Ted O`Donoghue, Aldo Rustichini, David Schmeidler, Klaus M. Schmidt, Eldar Shafir, Hersh M. Shefrin, Chris Starmer, Richard H. Thaler, Amos Tversky, and Janet L. Yellen.
Theory, Tools, and Hands-On Programming Applications
Written by leading academics and practitioners in the field of financial mathematics, the purpose of this book is to provide a unique combination of some of the most important and relevant theoretical and practical tools from which any advanced undergraduate and graduate student, professional quant and researcher will benefit. This book stands out from all other existing books in quantitative finance from the sheer impressive range of ready-to-use software and accessible theoretical tools that are provided as a complete package. By proceeding from simple to complex, the authors cover core topics in derivative pricing and risk management in a style that is engaging, accessible and self-instructional. The book contains a wide spectrum of problems, worked-out solutions, detailed methodologies and applied mathematical techniques for which anyone planning to make a serious career in quantitative finance must master. In fact, core portions of the book¡¦s material originated and evolved after years of classroom lectures and computer laboratory courses taught in a world-renowned professional Master¡¦s program in mathematical finance. As a bonus to the reader, the book also gives a detailed exposition on new cutting-edge theoretical techniques with many results in pricing theory that are published here for the first time.
Third Edition
Dr. Donald DePamphilis explains the real-world of mergers, acquisitions, and restructuring based on his academic knowledge and personal experiences with over 30 such deals himself. The 77 case studies span every industry and countries and regions worldwide show how deals are done rather than just the theory behind them, including cross-border transactions. The interactive CD is unique in enabling the user to download and customize content. It includes an Excel-based LBO model and an M&A Structuring and Valuation Model in which readers can insert their own data and modify the model to structure and value their own deals. New additions to the third edition: 17 new cases, with all 77 cases updated, Glossary, real options applications, projecting growth rates. Student Study Guide on CD contains practice problems/solutions, powerpoint slides outlining main points of each chapter, and selected case study solutions. An extensive on-line instructor¡¦s manual contains powerpoint slides for lectures following each chapter, detailed syllabi for using the book for both undergraduate and graduate-level courses, and an exhaustive test bank with over 750 questions and answers (including true/false, multiple choice, essay questions, and computational problems).
Book Description
The second edition of this authoritative textbook continues the tradition of providing clear and concise descriptions of the new and classic concepts in financial theory. The authors keep the theory accessible by requiring very little mathematical background.
First edition published by Prentice-Hall in 2001- ISBN 0130174467.
The second edition includes new structure emphasizing the distinction between the equilibrium and the arbitrage perspectives on valuation and pricing, as well as a new chapter on asset management for the long term investor.
"This book does admirably what it sets out to do - provide a bridge between MBA-level finance texts and PhD-level texts....
many books claim to require little prior mathematical training, but this one actually does so.
This book may be a good one for Ph.D students outside finance who need some basic training in financial theory or for those looking for a more user-friendly introduction to advanced theory.
The exercises are very good."
--Ian Gow, Student, Graduate School of Business, Stanford University
*Completely updated edition of classic textbook that fills a gap between MBA level texts and PHD level texts
*Focuses on clear explanations of key concepts and requires limited mathematical prerequisites
*Online solutions manual available
* Updates includes new structure emphasizing the distinction between the equilibrium and the arbitrage perspectives on valuation and pricing, as well as a new chapter on asset management for the long term investor
Book Description
The Encyclopedia of Finance is a major new reference work covering all aspects of finance. Coverage includes finance (financial management, security analysis, portfolio management, financial markets and instruments, insurance, real estate, options and futures, international finance) and statistical applications in finance (applications in portfolio analysis, option pricing models and financial research). The project is designed to attract both an academic and professional market. It will also have international approach to ensure its maximum appeal.
In this first book on gene expression programming the author describes thoroughly the basic gene expression algorithm and numerous modifications to this new algorithm, providing all the implementation details so that anyone with elementary programming skills will be able to implement it themselves.
As a powerful meta-language, gene expression programming touches all the fields of computer intelligence and everyone who faces challenging problems and cannot solve them using either traditional mathematical approaches or sophisticated machine learning techniques can benefit from the practical understanding of this new powerful technique.
The book is self-contained and can be used by people with little knowledge of calculus and no prerequisites associated with knowledge of any programming language are required.
The book provides an introduction to this new exciting field of computer intelligence, including a large body of previously unpublished materials such as:
data mining
classifier systems
parameter optimization
evolution of Kolmogorov-Gabor polynomials
times series prediction
evolution of linking functions
multicellular systems
automatically defined functions
user defined functions
complete neural network induction
The book also discusses some important and controversial evolutionary topics that might be refreshing to both evolutionary computists and evolutionary biologists.
Book Description
Catastrophes, whether natural or man-made, that could destroy the human race are often dismissed as alarmist or fanciful, the stuff of science fiction. In fact the risk of such disasters is real, and growing. A collision with an asteroid that might kill a quarter of humanity in 24 hours and the rest soon after; irreversible global warming that might flip, precipitating "snowball earth;" voraciously replicating nanomachines; a catastrophic accident in a particle accelerator that might reduce the earth to a hyperdense sphere 100 meters across; a pandemic of gene-spliced smallpox launched by bioterrorists; even conquest by superintelligent robots-all these potential extinction events, and others, are within the realm of the possible and warrant serious thought about assessment and prevention. They are attracting the concern of reputable scientists-but not of the general public or the nation`s policymakers. How should the nation and the world respond to disaster possibilities that, for a variety of psychological and cultural reasons, people find it hard to wrap their minds around? Richard Posner shows that what is needed is a fresh, thoroughly interdisciplinary perspective that will meld the insights of lawyers, economists, psychologists, and other social scientists with those of the physical sciences. Responsibility for averting catastrophe cannot be left either to scientists or to politicians and other policymakers ignorant of science. As in many of his previous books, Posner brings law and the social sciences to bear on a contemporary problem--in this case one of particular urgency. Weighing the risk and the possible responses in each case, Posner shows us what to worry about and what to dismiss, and discusses concrete ways of minimizing the most dangerous risks. Must we yield a degree of national sovereignty in order to deal effectively with global warming? Are limitations on our civil liberties a necessary and proper response to the danger of bioterror attacks? Would investing more heavily in detection and interception systems for menacing asteroids be money well-spent? How far can we press cost-benefit analysis in the design of responses to world-threatening events? Should the institutional framework of science policy be altered? Do we need educational reform? Is the interface of law and science awry? These are but a few of the issues canvassed in this fascinating, disturbing, and necessary book.
Review
"Adapting Minds is destined to become required reading among evolutionary psychology¡¦s detractors. But, despite its flaws, it will be read with interest by evolutionary psychologists too. Buller provides a useful overview of the filed and of the current debates... Buller enables evolutionary psychologist to get back to arguing about the science." -- Nature
Book Description
Was human nature designed by natural selection in the Pleistocene epoch? The dominant view in evolutionary psychology holds that it was -- that our psychological adaptations were designed tens of thousands of years ago to solve problems faced by our hunter-gatherer ancestors. In this provocative and lively book, David Buller examines in detail the major claims of evolutionary psychology -- the paradigm popularized by Steven Pinker in The Blank Slate and by David Buss in The Evolution of Desire -- and rejects them all. This does not mean that we cannot apply evolutionary theory to human psychology, says Buller, but that the conventional wisdom in evolutionary psychology is misguided.
Evolutionary psychology employs a kind of reverse engineering to explain the evolved design of the mind, figuring out the adaptive problems our ancestors faced and then inferring the psychological adaptations that evolved to solve them. Evolutionary psychologists claim many discoveries based on this approach, including the evolutionary rationale for human mate preferences (that males prefer nubile females and females prefer high-status males) and "discriminative parental solicitude" (the idea that stepparents abuse their stepchildren at a higher rate than genetic parents abuse their biological children). In the carefully argued central chapters of Adapting Minds, Buller scrutinizes several of evolutionary psychology`s most highly publicized "discoveries." Drawing on a wide range of empirical research, including his own large-scale study of child abuse, he shows that none is actually supported by the evidence.
Buller argues that our minds are not adapted to the Pleistocene, but, like the immune system, are continually adapting, over both evolutionary time and individual lifetimes. We must move beyond the reigning orthodoxy of evolutionary psychology to reach an accurate understanding of how human psychology is influenced by evolution. When we do, Buller claims, we will abandon not only the quest for human nature but the very idea of human nature itself.
Book Description
The concept of social capital, or the value that can be derived from social ties created by goodwill, mutual support, shared language, common beliefs, and a sense of mutual obligation, has been applied to a number of fields, from sociology to management. It is only lately, however, that researchers in information technology and knowledge management have begun to explore the idea of social capital in relation to their fields. This collection of thirteen essays by computer scientists, sociologists, communication specialists, economists, and others presents a multidisciplinary look at this particular intersection of information technology and social science and the need to adopt a sociotechnical perspective.
For the most part the contributors take a positive view of the interplay of social capital, knowledge sharing, and community building. Some essays look at specific instances, including the on-line and face-to-face relationships of a community of athletes, the building of social capital among Iranian NGOs, and the Internet-based communities created by the open-source movement, while others discuss more general ideas of civic and personal communities. The last four essays examine computer applications that augment social capital, including topic- and member-centered communications spaces such as the Expert Finder and the Loops system and virtual repositories of knowledge such as the Answer Garden and Pearls of Wisdom.
Book Description
In today`s information-rich environment, companies can no longer afford to rely entirely on their own ideas to advance their business, nor can they restrict their innovations to a single path to market. As a result, says Harvard Business School professor Henry W. Chesbrough, the traditional model for innovation--which has been largely internally focused, closed off from outside ideas and technologies--is becoming obsolete. Emerging in its place is a new paradigm, "open innovation," which strategically leverages internal and external sources of ideas and takes them to market through multiple paths.
This path-breaking analysis is based on extensive field research, academic study, and the author`s own longtime experience working in Silicon Valley. Through rich descriptions of the innovation processes of Xerox, IBM, Lucent, Intel, Merck, and Millennium, and the many spin-offs that have emerged from these firms, Open Innovation shows how companies can use their business model to identify a more enlightened role for R&D in a world of abundant information, better manage and access intellectual property, advance their current business, and grow their future business.
Arguing that companies in all industries must transform the way they commercialize knowledge, Chesbrough convincingly shows how open innovation can unlock the latent economic value in a company`s ideas and technologies.
What can computer simulation contribute to the social sciences?
Which of the many approaches to simulation would be best for my social science project?
How do I design, carry out and analyse the results from a computer simulation?
Interest in social simulation has been growing rapidly worldwide as a result of increasingly powerful hardware and software and a rising interest in the application of ideas of complexity, evolution, adaptation and chaos in the social sciences. Simulation for the Social Scientist is a practical textbook on the techniques of building computer simulations to assist understanding of social and economic issues and problems.
This authoritative book details all the common approaches to social simulation to provide social scientists with an appreciation of the literature and allow those with some programming skills to create their own simulations.
Book Description
This book investigates the relationship between corporate governance, market structure and innovation. The editors observe that a number of radical mutations are occurring in industries that have played a crucial role in sustaining and fostering the pace of technological progress.
Specifically, three classes of institutional discontinuities are discussed: privatization processes, mergers and acquisitions and liberalization of the market. The authors show that the effects of such institutional discontinuities may seriously affect, in the short term, the market value of the firm, and in the medium/long term, the performance of the national system of innovation as a whole.
The book outlines the theoretical background to the empirical analyses that are later developed and illustrated using original longitudinal data set from US and European markets. It goes on to present selected empirical evidence drawn from different industries, which provide the reader with an interesting insight into how major changes in corporate governance and in market structures have affected innovation activities in high tech sectors. Finally, the authors discuss the technology policy implications that are derived from the evidences illustrated.
Book Description
In 1977 a seminal paper was published by Avinash Dixit and Joseph Stiglitz that revolutionized the modeling of imperfectly competitive markets. It launched what might be called the second monopolistic competition revolution which has been far more successful than the first one, initiated by Edward Chamberlin and Joan Robinson in the 1930s. In this collection of original essays experts in the fields of macroeconomics, international trade theory, economic geography, and international growth theory address the question of why the second revolution was so successful. They also highlight what is missing, and look forward to the next step in the modeling of imperfectly competitive markets. The text includes a comprehensive survey of both monopolistic competition revolutions, and previously unpublished working papers by Dixit and Stiglitz that led to their famous 1977 paper. With original contributions from Dixit, Ethier, Neary and Stiglitz amongst others, this collection will excite interest amongst researchers, advanced students and economists.
Book Description
"Find it hard to extract and utilise valuable knowledge from the ever-increasing data deluge?" If so, this book will help, as it explores pattern recognition technology and its concomitant role in extracting useful information to build technical and business models to gain competitive industrial advantage.
*Based on first-hand experience in the practice of pattern recognition technology and its development and deployment for profitable application in Industry.
Phiroz Bhagat is often referred to as the pioneer of neural net and pattern recognition technology, and is uniquely qualified to write this book. He brings more than two decades of experience in the "real-world" application of cutting-edge technology for competitive advantage in industry.
Two wave fronts are upon us today: we are being bombarded by an enormous amount of data, and we are confronted by continually increasing technical and business advances.
Ideally, the endless stream of data should be one of our major assets. However, this potential asset often tends to overwhelm rather than enrich. Competitive advantage depends on our ability to extract and utilize nuggets of valuable knowledge and insight from this data deluge. The challenges that need to be overcome include the under-utilization of available data due to competing priorities, and the separate and somewhat disparate existing data systems that have difficulty interacting with each other.
Conventional approaches to formulating models are becoming progressively more expensive in time and effort. To impart a competitive edge, engineering science in the 21st century needs to augment traditional modelling processes by auto-classifying and self-organizing data; developing models directly from operating experience, and then optimizing the results to provide effective strategies and operating decisions. This approach has wide applicability; in areas ranging from manufacturing processes, product performance and scientific research, to financial and business fields.
This monograph explores pattern recognition technology, and its concomitant role in extracting useful knowledge to build technical and business models directly from data, and in optimizing the results derived from these models within the context of delivering competitive industrial advantage. It is not intended to serve as a comprehensive reference source on the subject. Rather, it is based on first-hand experience in the practice of this technology: its development and deployment for profitable application in industry.
The technical topics covered in the monograph will focus on the triad of technological areas that constitute the contemporary workhorses of successful industrial application of pattern recognition. These are: systems for self-organising data; data-driven modelling; and genetic algorithms as robust optimizers.
Is globalization leading us toward a world of fewer and fewer currencies and, consequently, simplified monetary management? Many specialists believe this is the case, as the territorial monopolies national governments have long claimed over money appears to be eroding. In The Future of Money, Benjamin Cohen argues that this view--which he calls the "Contraction Contention"--is wrong. Rigorously argued, written with extraordinary clarity, and thoroughly up-to-date, this book demonstrates that the global population of currencies is set to expand greatly, not contract, making monetary governance more difficult, not less.
At the book`s core is an innovative theoretical model for understanding the strategic preferences of states in monetary management. Should governments defend their traditional monetary sovereignty, or should they seek some kind of regional consolidation of currencies? The model offers two broad advances. First, whereas most scholarly work evaluates strategic options individually or in comparison to just one other alternative, this model emphasizes the three-dimensional nature of the decisions involved. Second, the model emphasizes degrees of currency regionalization as a central determinant of state preferences. Cohen also systematically explores the role of the private sector as an alternative source of money.
The book concludes with two key policy proposals. First, fiscal policy should be resurrected as a tool of macroeconomic management, to offset the present-day erosion in the effectiveness of monetary policy. Second, the International Monetary Fund should more actively help coordinate the decentralized strategic decision-making of governments. The future of money will be perilous. But, by mapping out the alternative policies countries can follow, The Future of Money shows it need not be chaotic.
In her book ¡§Globalization of Financial Markets¡¨, Claudia M. Buch describes several facets of globalization of financial markets with particular emphasis on the banking system. Each chapter analyses a particular feature of globalization by intertwining surveys of existing literature with original research carried out by the author. As the book proceeds, it carefully builds an understanding of the causes, barriers and implications of the growing integration of financial markets. It offers a broad scope of topics related to financial market integration and is as such a comprehensive overview of these topics.
Global Capital and National Governments suggests that international financial integration does not mean the end of social democratic welfare policies. Capital market openness allows participants to react swiftly and severely to government policy; but in the developed world, capital market participants consider only a few government policies when making decisions. Governments that conform to capital market pressures in macroeconomic areas remain relatively unconstrained in supply-side and micro-economic policy areas. Therefore, despite financial globalization, cross-national policy divergence among advanced democracies remains likely. Still, in the developing world, the influence of financial markets on government policy autonomy is more pronounced. The risk of default renders market participants willing to consider a range of government policies in investment decisions. This inference, however, must be tempered with awareness that governments retain choice. As evidence for its conclusions, Global Capital and National Governments draws on interviews with fund managers, quantitative analyses, and archival investment banking materials.
The emergence of a new macro economy in Euro-Asia is a great challenge for academics and policy makers alike. Our book focuses on this macro economy and the monetary and fiscal policy responses. As the new environment has evolved over time, private behaviour as well as policy responses have changed. Policy makers as well as private agents had to learn the new environment. In our book we thus put heavy emphasis on uncertainty and learning. The first part of the book explores monetary policies allowing for uncertainty and time-varying behaviour of economic agents in markets, in particular in the labour market and the monetary policy responses to it. We study both forward and backward looking behaviour, learning and robust control as well as the role of financial markets for policies. The second part explores fiscal policy in the Euro-area, its sustainability, its effects on economic growth and the attempts of the Euro-area to stabilize the public debt. The third part explores monetary and fiscal policy interactions in the Euro-area countries. Since there are many national fiscal authorities but only one monetary authority this is a particularly challenging problem of Euro-area countries. Methodologically, we use modern methods such as advanced econometric methodology, learning models that allows to study time varying behaviour, and dynamic macro modelling and dynamic optimization.
Book Description
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Often considered more as an art than a science, the field of clustering has been dominated by learning through examples and by techniques chosen almost through trial-and-error. Even the most popular clustering methods--K-Means for partitioning the data set and Ward`s method for hierarchical clustering--have lacked the theoretical attention that would establish a firm relationship between the two methods and relevant interpretation aids.
Rather than the traditional set of ad hoc techniques, Clustering for Data Mining: A Data Recovery Approach presents a theory that not only closes gaps in K-Means and Ward methods, but also extends them into areas of current interest, such as clustering mixed scale data and incomplete clustering. The author suggests original methods for both cluster finding and cluster description, addresses related topics such as principal component analysis, contingency measures, and data visualization, and includes nearly 60 computational examples covering all stages of clustering, from data pre-processing to cluster validation and results interpretation.
This author`s unique attention to data recovery methods, theory-based advice, pre- and post-processing issues that are beyond the scope of most texts, and clear, practical instructions for real-world data mining make this book ideally suited for virtually all purposes: for teaching, for self-study, and for professional reference.
---------------------Features---------------------
Introduces classical clustering methods extended, via the data recovery approach, to modern data mining tasks ¡P Describes the theory that leads to these methods and relevant interpretation aids, fills gaps in the established theory, and corrects common misconceptions ¡P Treats the two most popular methods, K-Means and Ward clustering, offering the first theoretically motivated instructions for automating all steps of data mining with clustering ¡P Offers an up-to-date description of current data mining issues, such as feature selection and cluster validation ¡P Presents a wealth of computational examples covering all stages of clustering
In his tenth book, Backhouse (economics, Univ. of Birmingham), the editor of the Journal of Economic Methodology, explains how world economics reached its present state. Throughout, he places key figures in an appropriate historical context and then explains the various economic ideas as they emerged, using clear analysis and apt quotations. Starting with Homer, Aristotle, and Alexander, he builds connections to the Roman Empire, Old Testament traditions, and the conflict between Christianity and Islam, then moves on to the Renaissance, the Reformation, and all the way up through Adam Smith and Milton Friedman. The result is a well-integrated, thoughtful, accessible text that makes a major contribution to the history and philosophy of economics. What sets this work apart from others on the subject (e.g., Lionel Robbin`s A History of Economic Thought, Robert Heilbronner`s The Worldly Philosophers) is the broad time frame and the focus on people and events that shaped the development of economic thought not just the major economists. Important reading for students, professionals, and anyone interested in learning how economics has evolved, this is recommended for all academic and public libraries.
This authoritative book from Cristiano Antonelli provides a systematic account of recent advances in the economics of innovation. By integrating this account with the economics of technological change, the book elaborates an understanding of the effects of the introduction of new technologies.
The innovation economics community will appreciate this excellent, comprehensive account, provided by a respected expert, and it is also a book that must be read by all those with an interest in Economic Theory.
Fuzzy Modeling and Genetic Algorithms for Data Mining and Exploration is a handbook for analysts, engineers, and managers involved in developing data mining models in business and government. As you`ll discover, fuzzy systems are extraordinarily valuable tools for representing and manipulating all kinds of data, and genetic algorithms and evolutionary programming techniques drawn from biology provide the most effective means for designing and tuning these systems.
The paradigm of deterministic chaos has influenced thinking in many fields of science. Chaotic systems show rich and surprising mathematical structures. In the applied sciences, deterministic chaos provides a striking explanation for irregular behaviour and anomalies in systems which do not seem to be inherently stochastic. The most direct link between chaos theory and the real world is the analysis of time series from real systems in terms of nonlinear dynamics. Experimental technique and data analysis have seen such dramatic progress that, by now, most fundamental properties of nonlinear dynamical systems have been observed in the laboratory. Great efforts are being made to exploit ideas from chaos theory wherever the data displays more structure than can be captured by traditional methods. Problems of this kind are typical in biology and physiology but also in geophysics, economics, and many other sciences.
Chroniques et points de vue
Christopher Faille, Hedge World/Inside Edge
"This book is a vigorous defense of ECMH, on grounds that ought to interest hedge fund investors".
Book Description
Neoclassical Finance provides a concise and powerful account of the underlying principles of modern finance, drawing on a generation of theoretical and empirical advances in the field. Stephen Ross developed the no arbitrage principle, tying asset pricing to the simple proposition that there are no free lunches in financial markets, and jointly with John Cox he developed the related concept of risk-neutral pricing. In this book Ross makes a strong case that these concepts are the fundamental pillars of modern finance and, in particular, of market efficiency. In an efficient market prices reflect the information possessed by the market and, as a consequence, trading schemes using commonly available information to beat the market are doomed to fail.
By stark contrast, the currently popular stance offered by behavioral finance, fueled by a number of apparent anomalies in the financial markets, regards market prices as subject to the psychological whims of investors. But without any appeal to psychology, Ross shows that neoclassical theory provides a simple and rich explanation that resolves many of the anomalies on which behavioral finance has been fixated.
Based on the inaugural Princeton Lectures in Finance, sponsored by the Bendheim Center for Finance of Princeton University, this elegant book represents a major contribution to the ongoing debate on market efficiency, and serves as a useful primer on the fundamentals of finance for both scholars and practitioners.
Inside Flap copy
"Stephen Ross, a pioneer of the field, surveys and integrates modern finance in this lovely book. Much of the analysis is strikingly novel. For example, Ross emphasizes how mild limits on risk aversion can extend no-arbitrage arguments to say a lot about asset prices; he derives discount factor bounds in a unified way from the principle that more choices make you happier; he presents the random walk result in a compelling dynamic-trading environment; and he closes with a careful dynamic contingent-claims analysis of the closed-end fund discount. This chapter exemplifies the neoclassical philosophy that patient, scientific study can eventually solve the hardest empirical puzzles."--John Cochrane, University of Chicago Graduate School of Business, author of Asset Pricing
"Neoclassical Finance is a must-read--a masterly development of neoclassical asset pricing theory by one of its most original thinkers. Stephen Ross not only provides a rigorous yet intuitive synthesis of pricing fundamentals, but also shows how these fundamentals offer a powerful alternative to many of the claims of behavioral finance."--Hayne E. Leland, Arno Rayner Professor of Finance and Management, University of California, Berkeley
"This delightful volume of four edited lectures by Stephen Ross tells us about both his views and his tastes. The first chapter deals with no-arbitrage methods--as we might expect--and the remaining three with more contentious topics: bounds on the pricing kernel, market efficiency, and behavioural finance. As we have come to expect from Stephen Ross, the exposition is excellent and the range masterly. We also learn, from the choices that have been made in order to fit this material into a small space, what he thinks is important. This is an outstanding volume that will be read with profit and enjoyment both by Professor Rosss colleagues in the profession and by those outside finance seeking an introduction to these important and controversial questions."--Stephen M. Shaefer, Professor of Finance, London Business School
"Neoclassical Finance is a significant contribution to the field that deserves to be widely cited. Stephen Ross provides a clear and concise discussion of basic theory, a new and in some ways unique look at arbitrage and market efficiency, and resolves a long-standing empirical puzzle about closed-end funds."--Richard Roll, Japan Alumni Chair in Finance, Anderson School of Business, University of California, Los Angeles
"The battle between classical and behavioral economics is here to stay and will be a centerpiece of debate in the years to come, especially in the portfolio management arena. Stephen Ross contends that critics of neoclassical finance are all too willing to live with the proverbial $100 bill sitting unclaimed on the pavement, and underestimate the power of arbitrage. He does a marvelous job of establishing the basic foundations of neoclassical finance, and describing its tenets and results. And he does so with just the right mix of survey materials and new results."--Yacine Aït-Sahalia, Director, Bendheim Center for Finance, Princeton University
About the author
Stephen A. Ross is the Franco Modigliani Professor of Finance and Economics at the Massachusetts Institute of Technology. Best known as the originator of arbitrage pricing theory and as the codiscoverer of risk-neutral pricing and the binomial model for pricing derivatives, he is the coauthor of the best-selling textbook series in finance, "Corporate Finance".
Editorial Reviews
Book Description
An overview of innovative and successful business applications of neural networks, this book addresses important modeling issues in using neural networks for forecasting and methods to improve forecasting performance. This book is dedicated to solving real-world business forecasting problems and providing timely materials on the status of research efforts in the field. Practical applications of artificial neural networks (ANN) techniques in forecasting are demonstrated, and recent developments of methodology are highlighted. A number of case studies reveal useful applications of neural networks to many areas of business.
Book Info
Text provides an overview of issues in business forecasting with neural networks, offering a range of successful applications. Discusses practical guidelines in neural network modeling for forecasting. For researchers and practitioners. Softcover, hardcover available. DLC: Business forecasting--Mathematical models.
The editors have brought together a set of contributions that give the reader a firm grounding in relevant theory and research and an insight into the latest techniques in this field of the financial markets.
Leonard J. Parsons
Randall L. Schultz
Editorial Reviews
Book Description
This second edition of Market Response Models: -places much more emphasis on the basic building blocks of market response modeling: markets, data, and sales drivers, through a separate chapter. -splits the design of response models into separate chapters on static and dynamic models.-discusses techniques and findings spawned by the marketing information revolution, e.g., scanner data. -emphasizes new insights available on marketing sales drivers, especially improved understanding of sales promotion. -demonstrates methodological developments to assess long-term impacts, where present, of current marketing efforts. -includes a new chapter on sales forecasting. -adds mini-case histories in the form of boxed inserts entitled Industry Perspectives, which are primarily written by business executives. This book is truly the foundation of market response modeling.
Book Info
A text for graduate students in marketing, providing a source of information on the use of market response models for planning and forecasting. Also useful as a reference for companies looking to develop a competitive edge through the use of market forecast models, or those in need of an update on the research in this area. --This text refers to the Hardcover edition.
Editorial Reviews
Book Description
Awarded Outstanding Academic Book by CHOICE magazine in its first edition, FORECASTING, TIME SERIES, AND REGRESSION: AN APPLIED APPROACH now appears in a fourth edition that illustrates the vital importance of forecasting and the various statistical techniques that can be used to produce them. With an emphasis on applications, this book provides both the conceptual development and practical motivation students need to effectively implement forecasts of their own. Bruce Bowerman, Richard OConnell, and Anne Koehler clearly demonstrate the necessity of using forecasts to make intelligent decisions in marketing, finance, personnel management, production scheduling, process control, and strategic management. In addition, new technology coverage makes the latest edition the most applied text available on the market.
About the Author
Bruce L. Bowerman is a professor of decision sciences at Miami University in Oxford, Ohio. He received his Ph.D. in statistics from Iowa State University in 1974 and has over 32 years of experience teaching basic statistics, regression analysis, time series forecasting, and design of experiments to both undergraduate and graduate students. In 1987 Professor Bowerman received an Outstanding Teaching award from the Miami University senior class, and in 1992 he received the Effective Educator award from the Richard T. Farmer School of Business Administration. Together with Richard T. O¡¦Connell, Professor Bowerman has written ten textbooks. In addition to the earlier editions of this forecasting textbook, these textbooks include BUSINESS STATISTICS IN PRACTICE and LINEAR STATISTICAL MODELS: AN APPLIED APPROACH. The first edition of FORTECASTING AND TIME SERIES earned an Outstanding Academic Book award from CHOICE magazine. Professor Bowerman has also published a number of articles in applied stochastic processes, time series forecasting, and statistical education.
Publisher Comments:
A witty and accessible tour de force that is immersed in the latest economic thinking, Culture and Prosperity is an indispensable guide to the world around us and destined to become a classic text for understanding the politics of globalization.
Guided by the belief that a combination of lightly regulated capitalism and liberal democracy -- the American business model -- is not just appropriate for America at the dawn of the twenty-first century, but a universal path to freedom and prosperity, the United States is an unrivaled colossus seeking to remake the world in its own image.
After a decade of successive market revolutions around the world, beginning with the collapse of the Berlin Wall and continuing in countries as diverse as Argentina and New Zealand, the effectiveness of the market economy as a route to prosperity and growth is not in question, but a more sophisticated appreciation of the strengths and limits of markets is urgently required.
In this new and illuminating analysis of the nature and evolution of the market economy, John Kay attacks the oversimplified account of its operation, contained in the American business model and favored by politicians and business people. He even questions whether it offers an accurate description of the success of the American economy itself.
In an absorbing argument that rewards close reading, and rereading, Culture and Prosperity examines every assumption we have about economic life from a refreshingly new angle. Taking the reader from the shores of Lake Zurich to the streets of Mumbai, from the flower market of San Remo to the sales rooms at Christies, John Kay reveals the connection between a nations social, political, and cultural context and its economic performance.
Review:
"Kay...tries to follow up on the success of Jared Diamonds Guns, Germs, and Steel, but falls short of the mark....The historical examples...lack pizzazz, and hypotheticals meant to reflect contemporary individuals are equally stiff." Publishers Weekly
Synopsis:
Britains leading economic columnist explores the nature of market economies, what makes them dynamic ¡X and what limits their power.
John Kay is one of Britains leading economists. He has been a professor at the London Business School and the University of Oxford, and is currently a visiting professor at the London School of Economics. He is the only professor of management to receive the academic distinction of Fellowship of the British Academy. A frequent writer, lecturer, and broadcaster, he contributes a weekly column to the Financial Times. He commutes between London, Oxfordshire, and the south of France.
Book Description
This book presents an extensive variety of multi-objective problems across diverse disciplines, along with statistical solutions using multi-objective evolutionary algorithms (MOEAs). The topics discussed serve to promote a wider understanding as well as the use of MOEAs, the aim being to find good solutions for high-dimensional real-world design applications. The book contains a large collection of MOEA applications from many researchers, and thus provides the practitioner with detailed algorithmic direction to achieve good results in their selected problem domain.
Book Description
With more and more physicists and physics students exploring the possibility
of utilizing their skills in the finance industry, this much-needed book
quickly introduces you to financial principles and methods.
This book provides a short, straightforward introduction to those who already have the background in physics. Learn about option pricing, fractals, time series analysis, and other phenomena as they relate to actual problems in finance. Use this book to develop a solid foundation in finance to move into the financial industry.
* Short, self-contained book for physicists to master basic concepts and quantitative methods of finance
* Growing fieldmany physicists are moving into finance positions because of the high-level math required
*Draws on the author`s own experience as a physicist who moved into a financial analyst position
Book Description
This book explores the intuitive appeal of neural networks and the genetic algorithm in finance. It demonstrates how neural networks used in combination with evolutionary computation outperform classical econometric methods for accuracy in forecasting, classification and dimensionality reduction.
McNelis utilizes a variety of examples, from forecasting automobile production and corporate bond spread, to inflation and deflation processes in Hong Kong and Japan, to credit card default in Germany to bank failures in Texas, to cap-floor volatilities in New York and Hong Kong.
* Offers a balanced, critical review of the neural network methods and genetic algorithms used in finance
* Includes numerous examples and applications
* Numerical illustrations use MATLAB code and the book is accompanied by a website
Book Description
A Behavioral Approach to Asset Pricing Theory examines the reigning assumptions of asset pricing theory and reconstructs them to incorporate findings from behavioral finance. It constructs a solid, intact structure that challenges classic assumptions and at the same time provides a strong theory and efficient empirical tools.
Building on the models developed by both traditional asset pricing theorists and behavioral asset pricing theorists, this book takes the discussion to the next step. The author provides a general behaviorally based intertemporal treatment of asset pricing theory that extends to the discussion of derivatives, fixed income securities, mean-variance efficient portfolios, and the market portfolio.
The book develops a series of examples to illustrate the theoretical results. The CD-ROM contains most of the examples, worked out as Excel spreadsheets, so that a diligent reader can follow them through.
Instructors might also want to use the examples to assign class exercises, asking students to modify the numbers and see what happens.
* The first book to focus completely on how behavioral finance principles affect asset pricing
* Hersh Shefrin is a recognized expert in behavioral finance
* Behavioral finance is a growth area in finance scholarship and moving more and more into practice
Book Info
Provides a comprehensive introduction to the computational material that forms the underpinnings of the currently evolving set of brain models. Stresses the broad spectrum of learning models--ranging from neural network learning, through reinforcement learning, to genetic learning. Softcover. DLC: Brain--Computer simulation.
About the Author
Dana H. Ballard is Professor in the Department of Computer Science and the Department of Brain and Cognitive Sciences at the University of Rochester.
Product Description:
It is now clear that the brain is unlikely to be understood without recourse to computational theories. The theme of An Introduction to Natural Computation is that ideas from diverse areas such as neuroscience, information theory, and optimization theory have recently been extended in ways that make them useful for describing the brains programs. This book provides a comprehensive introduction to the computational material that forms the underpinnings of the currently evolving set of brain models. It stresses the broad spectrum of learning models--ranging from neural network learning through reinforcement learning to genetic learning--and situates the various models in their appropriate neural context.
To write about models of the brain before the brain is fully understood is a delicate matter. Very detailed models of the neural circuitry risk losing track of the task the brain is trying to solve. At the other extreme, models that represent cognitive constructs can be so abstract that they lose all relationship to neurobiology. An Introduction to Natural Computation takes the middle ground and stresses the computational task while staying near the neurobiology.
In each issue ...
1) Organizational Entr - A discussion of management issues that are unique to companies with the goal of mastering data mining, database marketing and CRM.
2) Soul Snacks - Tips and techniques for improving communication and innovation, reducing stress and bringing satisfaction and joy to your workplace.
3) Technical Tidbits - Data mining tricks and SAS coding techniques to save time, and reduce errors.
Product Description:
In Human Nature and Organization Theory, Sigmund Wagner-Tsukamoto challenges the conventional wisdom that (organizational) economics is an amoral and empirically incorrect science. He treads new ground regarding the behavioral portrayal of human nature in organization theory.
The book focuses on the works of Taylor, Simon and Williamson, reconstructing methods and variables of their organization theories in non-behavioral, institutional economic terms. Implications for institutional economic theory building and practical intervention are outlined. The book suggests that the image of human nature in organizational economics has to be deduced from theoretical and practical outcomes of economic analysis rather than from methods of economic analysis. If this is considered, organizational economics can make considerable moral claims, since it can generate socially desirable interaction outcomes even in the face of pluralism.
Product Description:
In this provocative book, Paul Glimcher argues that economic theory may provide an alternative to the classical Cartesian model of the brain and behavior. Glimcher argues that Cartesian dualism operates from the false premise that the reflex is able to describe behavior in the real world that animals inhabit. A mathematically rich cognitive theory, he claims, could solve the most difficult problems that any environment could present, eliminating the need for dualism by eliminating the need for a reflex theory. Such a mathematically rigorous description of the neural processes that connect sensation and action, he explains, will have its roots in microeconomic theory. Economic theory allows physiologists to define both the optimal course of action that an animal might select and a mathematical route by which that optimal solution can be derived. Glimcher outlines what an economics-based cognitive model might look like and how one would begin to test it empirically. Along the way, he presents a fascinating history of neuroscience. He also discusses related questions about determinism, free will, and the stochastic nature of complex behavior.
Editorial Reviews
Product Description:
This book provides a rigorous look at the mechanisms underlying collective behavior in social insects. The field is developing rapidly, and the book includes up-to-date research from biology, neuroscience, artificial intelligence, robotics, operations research, and computer graphics.
Editorial Reviews
From Book News, Inc.
Particle swarm optimization (PSO) is a new kind of social intelligence model. This interdisciplinary work places particle swarms within the larger context of intelligent adaptive behavior and evolutionary computation, drawing on findings in social-psychological and engineering research to derive a set of optimization algorithms that shed light on human information processing and provide tools for numerical and qualitative optimization. Of interest to researchers and graduate students in cognitive, social, and computer science. Kennedy is a social psychologist who works in survey methods at the US Department of Labor. He has worked with the particle swarm computer model of social influence in artificial communities since 1994.Copyright ?2004 Book News, Inc., Portland, OR
Product Description:
Traditional methods for creating intelligent computational systems have
privileged private "internal" cognitive and computational processes. In
contrast, Swarm Intelligence argues that human
intelligence derives from the interactions of individuals in a social world
and further, that this model of intelligence can be effectively applied to
artificially intelligent systems. The authors first present the foundations of
this new approach through an extensive review of the critical literature in
social psychology, cognitive science, and evolutionary computation. They
then show in detail how these theories and models apply to a new
computational intelligence methodologyparticle swarmswhich focuses
on adaptation as the key behavior of intelligent systems. Drilling down
still further, the authors describe the practical benefits of applying particle
swarm optimization to a range of engineering problems. Developed by
the authors, this algorithm is an extension of cellular automata and
provides a powerful optimization, learning, and problem solving method.
This important book presents valuable new insights by exploring the
boundaries shared by cognitive science, social psychology, artificial life,
artificial intelligence, and evolutionary computation and by applying these
insights to the solving of difficult engineering problems. Researchers and
graduate students in any of these disciplines will find the material
intriguing, provocative, and revealing as will the curious and savvy
computing professional.
* Places particle swarms within the larger context of intelligent
adaptive behavior and evolutionary computation.
* Describes recent results of experiments with the particle swarm
optimization (PSO) algorithm
* Includes a basic overview of statistics to ensure readers can
properly analyze the results of their own experiments using the
algorithm.
* Support software which can be downloaded from the publishers
website, includes a Java PSO applet, C and Visual Basic source
code.
Product Description:
The complex social behaviors of ants have been much studied by science, and computer scientists are now finding that these behavior patterns can provide models for solving difficult combinatorial optimization problems. The attempt to develop algorithms inspired by one aspect of ant behavior, the ability to find what computer scientists would call shortest paths, has become the field of ant colony optimization (ACO), the most successful and widely recognized algorithmic technique based on ant behavior. This book presents an overview of this rapidly growing field, from its theoretical inception to practical applications, including descriptions of many available ACO algorithms and their uses.
The book first describes the translation of observed ant behavior into working optimization algorithms. The ant colony metaheuristic is then introduced and viewed in the general context of combinatorial optimization. This is followed by a detailed description and guide to all major ACO algorithms and a report on current theoretical findings. The book surveys ACO applications now in use, including routing, assignment, scheduling, subset, machine learning, and bioinformatics problems. AntNet, an ACO algorithm designed for the network routing problem, is described in detail. The authors conclude by summarizing the progress in the field and outlining future research directions. Each chapter ends with bibliographic material, bullet points setting out important ideas covered in the chapter, and exercises. Ant Colony Optimization will be of interest to academic and industry researchers, graduate students, and practitioners who wish to learn how to implement ACO algorithms.
Editorial Reviews
From Book News, Inc.
This book provides an integrated treatment of the theory and carefully introduces each algorithm with examples and detailed explication. Applications to engineering, design, and scheduling are emphasized. Intended as a textbook or self-study guide, the book assumes limited prior knowledge of the topics, but is intended to be useful to researchers working on optimization, optimal design, and evolutionary computing. Deb teaches mechanical engineering at the Indian Institute of Technology.Copyright ?2004 Book News, Inc., Portland, OR
Product Description:
Evolutionary algorithms are relatively new, but very powerful techniques used to find solutions to many real-world search and optimization problems. Many of these problems have multiple objectives, which leads to the need to obtain a set of optimal solutions, known as effective solutions. It has been found that using evolutionary algorithms is a highly effective way of finding multiple effective solutions in a single simulation run.
?Comprehensive coverage of this growing area of research
?Carefully introduces each algorithm with examples and in-depth discussion
?Includes many applications to real-world problems, including engineering design and scheduling
?Includes discussion of advanced topics and future research
?Can be used as a course text or for self-study
?Accessible to those with limited knowledge of classical multi-objective optimization and evolutionary algorithms
The integrated presentation of theory, algorithms and examples will benefit those working and researching in the areas of optimization, optimal design and evolutionary computing. This text provides an excellent introduction to the use of evolutionary algorithms in multi-objective optimization, allowing use as a graduate course text or for self-study.
Editorial Reviews
From Book News, Inc.
One of the main branches of multiple criteria decision making, multiple criteria optimization uses mathematical methods to solve problems that have multiple, sometimes conflicting, objectives. This text attempts to provide a comprehensive overview of the vast amount of literature in this area. Moving from the general to the more specific, some chapters in this volume consider various types of problems, such as fuzzy multiobjective programming and multicriteria scheduling problems. Other chapters focus on methodologies such as goal programming and evolutionary algorithms.Copyright ?2004 Book News, Inc., Portland, OR
Product Description:
The roots of Multiple Criteria Decision Making and Multiple Criteria Optimization were laid by Pareto at the end of the 19th century, and since then the discipline has prospered and grown, especially during the last three decades. Today, many decision support systems incorporate methods to deal with conflicting objectives. The foundation for such systems is a mathematical theory of optimization under multiple objectives. Since its beginnings, there have been a vast number of books, journal issues, papers and conferences that have brought the field to its present state. Despite this vast body of literature, there is no reliable guide to provide an access to this knowledge. Over the years, many literature surveys and bibliographies have been published. With the ever rapidly increasing rate of publications in the area and the development of subfields, these were mostly devoted to particular aspects of multicriteria optimization: Multiobjective Integer Programming, Multi-objective Combinatorial Optimization, Vector Optimization, Multiobjective Evolutionary Methods, Applications of MCDM, MCDM Software, Goal Programming. Hence the need for a comprehensive overview of the literature in multicriteria optimization that could serve as a state of the art survey and guide to the vast amount of publications. Multiple Criteria Optimization: State of the Art Annotated Bibliographic Surveys is precisely this book. Experts in various areas of multicriteria optimization have contributed to the volume. The chapters in this book roughly follow a thread from most general to more specific. Some of them are about particular types of problems (Theory of Vector Optimization, Nonlinear Multiobjective Programming, Fuzzy Multiobjective Programming, Multiobjective Combinatorial Optimization, Multicriteria Scheduling Problems), while the others are focused on multi-objective methodologies (Goal Programming, Interactive Methods, Evolutionary Algorithms, Data Envelopment Analysis). All contributing authors invested great effort to produce comprehensive overviews and bibliographies and to have references that are as precise as possible.
Editorial Reviews
Book Info
Designed for those who are using GAs as a way to help solve a range of difficult modelling problems. Designed for most practicing scientists and engineers, whatever their field and however rusty their mathematics and programming might be.
Editorial Reviews
Book Description
Evolutionary Computing is the collective name for a range of problem-solving techniques based on principles of biological evolution, such as natural selection and genetic inheritance. These techniques are being increasingly widely applied to a variety of problems, ranging from practical applications in industry and commerce to leading-edge scientific research. This book presents the first complete overview of this exciting field aimed directly at lecturers and graduate and undergraduate students. It is also meant for those who wish to apply evolutionary computing to a particular problem or within a given application area. To this group the book is valuable because it presents EC as something to be used rather than just studied. Last, but not least, this book contains quick-reference information on the current state-of-the-art in a wide range of related topics, so it is of interest not just to evolutionary computing specialists but to researchers working in other fields.
Book Info
Text presents an overview of evolutionary computing for undergraduate and graduate students. Includes index, references, and chapter exercises. DLC: Evolutionary programming (Computer science).
(Volume 1-3)
Reviews
"Sponsored by the International Association of Applied Psychology, this encyclopedia is an excellent general guide to applied psychology. Its 300 articles range from "Academic Failure, Prevention of," through "Cognitive Aging" and "Personality Assessment," to "Youth, Employment of." The signed articles, arranged alphabetically, examine both the theoretical bases of their subjects and the application of theory and research to practical problems. Each begins with an outline, glossary of terms, and brief summary paragraph and ends with cross-references to other articles and suggestions for further reading in secondary sources, review articles, and important research papers. All are clearly written and detailed and vary in length from 4 to 16 pages. The illustrations, in black and white, include figures, tables, graphs, and examples of forms, scales, and questionnaires. The target audience ranges from research professionals and practitioners to students and general readers. Articles may be located through the table of contents or a detailed subject index. Although some topics are covered in other reference books in general psychology, Spielbergers work focuses on applied psychology. A roster of editorial advisers, section editors, and contributors from many countries, with current affiliations (largely universities) noted, is printed at the beginning of each volume. Speilberger [sic] (Univ. of South Florida) has served as president of both the International Association of Applied Psychology and the American Psychological Association. Highly recommended. General readers, students at all levels, faculty, and practitioners."
-CHOICE
"The Encyclopedia of Applied Psychology is an excellent resource for both academics and professionals. The compendium that all psychologists and libraries around the world should possess."
-Qicheng Jing, Institute of Psychology, Chinese Academy of Sciences
"What is applied psychology? In this encyclopedia authors from some 25 countries give an impressive answer, covering a wide array of topics with ample attention to cross-cultural variation. Together the 304 entries convincingly show how applied psychology has grown to be relevant in fields such as health, work, aging, sports, social interaction and many others."
-Ype H. Poortinga, Tilburg University, Netherlands & University of Leuven, Belgium
Editorial Reviews
From Book News, Inc.
A state-of-the-art guide to the application of evolutionary algorithms to dynamic optimization problems for researchers and professionals. Branke (U. of Karlsruhe, Germany) covers issues such as continuously adapting a solution to a changing environment; make tradeoffs between solution quality and adaptation cost; finding robust solutions whose quality is unaffected by changes in the environment; and identifying flexible solutions that can be easily adapted when necessary.Copyright ?2004 Book News, Inc., Portland, OR
Book Description
Evolutionary Algorithms (EAs) have grown into a mature field of research in optimization, and have proven to be effective and robust problem solvers for a broad range of static real-world optimization problems. Yet, since they are based on the principles of natural evolution, and since natural evolution is a dynamic process in a changing environment, EAs are also well suited to dynamic optimization problems. Evolutionary Optimization in Dynamic Environments is the first comprehensive work on the application of EAs to dynamic optimization problems. It provides an extensive survey on research in the area and shows how EAs can be successfully used to continuously and efficiently adapt a solution to a changing environment, find a good trade-off between solution quality and adaptation cost, find robust solutions whose quality is insensitive to changes in the environment, find flexible solutions which are not only good but that can be easily adapted when necessary. All four aspects are treated in this book, providing a holistic view on the challenges and opportunities when applying EAs to dynamic optimization problems. The comprehensive and up-to-date coverage of the subject, together with details of latest original research, makes Evolutionary Optimization in Dynamic Environments an invaluable resource for researchers and professionals who are dealing with dynamic and stochastic optimization problems, and who are interested in applying local search heuristics, such as evolutionary algorithms.
Building research grade multi-agent systems usually involves a broad variety of software infrastructure ingredients like planning, scheduling, coordination, communication, transport, simulation, and module integration technologies and as such constitutes a great challenge to the individual researcher active in the area.
The book presents a collection of papers on approaches that will help make deployed and large scale multi-agent systems a reality. The first part focuses on available infrastructure and requirements for constructing research-grade agents and multi-agent systems. The second part deals with support in infrastructure and software development methods for multi-agent systems that can directly support coordination and management of large multi-agent communities; performance analysis and scalability techniques are needed to promote deployment of multi-agent systems to professionals in software engineering and information technology.
Editorial Reviews
From Book News, Inc.
Develops a formal definition of collective intelligence (CI) and practical guidelines for its assessment and applications. Szuba (Kuwait University) begins with a discussion of the types of intelligence into which he brings ideas from AI, information theory, and distributed computing. He then explores theoretically feasible models of CI computations, and presents a nondeterministic approach using the random PROLOG processor as a CI modeling and evaluation tool. The concept of the collective intelligence quotient is introduced, and guidelines for measuring it are developed. The last chapter lays the foundation for collective intelligence engineering, and considers its potential applications as an organizational restructuring tool.Book News, Inc.? Portland, OR
SciTech Book News Vol. 25, No. 2 June 2001
"Develops a formal definition of collective intelligence (CI) and practical guidelines for its assessment and applications."
SciTech Book News Vol. 25, No. 2 June 2001
"Develops a formal definition of collective intelligence (CI) and practical guidelines for its assessment and applications."
Book Description
This volume presents for the first time a complete theory of collective intelligence, helping to explain this growing area of non-deterministic computing. The author brings together ideas from different areas, making this a useful resource not only for computer scientists, but also for researchers working on problems in machine learning and artificial intelligence. Random PROLOG Processor (RPP) is used to illustrate the theory.
Book Info
(Wiley-Interscience) Examines the concept of Collective Intelligence, discussing each type of intelligence including individual, artificial and collection. Uses theories from AI, psychology, sociology, distributed computing, and other disciplines to ponder the existence of CI. DLC: Computational Intelligence.
Back Cover Copy
Introducing a groundbreaking approach to understanding, measuring, and applying Collective Intelligence
Does Collective Intelligence (CI) exist and, if so, how can it be characterized, quantified, and harnessed? Questions such as these continue to be hotly debated within both the scientific and philosophical communities. Yet few researchers working in the fields of artificial intelligence or distributed computing doubt CI’s enormous potential value to the future of computing. Unfortunately, for lack of a rigorous, formal theory of Collective Intelligence, most attempts to analyze CI systems have been disappointing, at best. In Computational Collective Intelligence, Professor Tadeusz Szuba does much to rectify that situation by developing, for the first time, both a formal definition of CI and practical guidelines for its assessment and applications.
Working from the ground up, Dr. Szuba begins with a stimulating and insightful discussion of the types of intelligence–including individual, artificial, and collective–into which he brings ideas from AI, information theory, and distributed computing, as well as psychology, sociology, animal behavior, cognitive science, and other relevant disciplines. He tackles the problem of computational models for simulating and measuring CI. He explores all theoretically feasible models of CI computations and presents a groundbreaking, nondeterministic approach using the Random PROLOG Processor (RPP) as a CI modeling and evaluation tool. He then introduces the Collective Intelligence Quotient (IQS) and develops clear-cut guidelines for measuring it. In the final chapters, he lays the foundation for a dynamic new discipline, Collective Intelligence Engineering (CIE), and considers its potential applications as an organizational restructuring tool.
About the Author
Tadeusz M. Szuba, PhD, is a professor in the Department of Mathematics and Computer Science in the College of Science of Kuwait University. A prolific author, he has published widely in the areas of PROLOG programming for AI, robotic intelligence, man-machine interaction, and consciousness.
Steven W. Popper
Steven C. Bankes
Scenario analysis has been used through much of RANDs five decades as a means to break through the limits to thinking about the unknown. The authors show how the creative use of new information technology will increasingly allow the common-sense notion of long-term planning without predictions to be applied with analytical rigor to the most serious challenges facing humankind. The authors examine traditional methods and discuss new tools and methods available to increase the power of longer-term policy analysis. These new methods are used in an illustrative case study which utilizes a simple model and data set; the authors also discuss how their method may be extended to more realistic, real-world cases. This book will interest all those involved in future assessment, longer-term planning and analysis, and research methodologies.
This book provides a framework for the design of competent optimization techniques by combining advanced evolutionary algorithms with state-of-the-art machine learning techniques. The primary focus of the book is on two algorithms that replace traditional variation operators of evolutionary algorithms by learning and sampling Bayesian networks: the Bayesian optimization algorithm (BOA) and the hierarchical BOA (hBOA) . They provide a scalable solution to a broad class of problems. The book provides an overview of evolutionary algorithms that use probabilistic models to guide their search, motivates and describes BOA and hBOA in a way accessible to a wide audience and presents numerous results confirming that they are revolutionary approaches to black-box optimization.
Editorial Reviews
From Book News, Inc.
Theoretical physicists Dorogovtsev (Ioffe Institute, St. Petersburg) and Mendes (U. of Porto and U. of Aveiro) introduce the basic principles of the structural organization and evolution of networks. They address researchers from any field concerned with networks, and students who may lack a deep knowledge of mathematics and statistical physics. The topics include the nature of networks; their growth by preferential and non-preferential attachment; real, equilibrium, and non-equilibrium networks; their global topology; their self-organized criticality; and implications of the recognition of networks for science and society.Copyright ?2004 Book News, Inc., Portland, OR
Book Description
Only recently did mankind realize that it resides on a world of networks. The Internet and the World Wide Web are changing our life. Our physical existence is based on various biological networks. We have recently learned that the term ""network"" turns out to be a central notion in our time, and the onsequent explosion of interest in networks is a social and cultural phenomenon. The principles of the complex organization and evolution of networks, natural and artificial are the topic of this book, which is written by physicists and is addressed to all involved researchers and students. The aim of the text is to understand networks and the basic principles of their structural organization and evolution. The ideas are presneted in a clear and pedegogical way, with minimal mathematics, so even students without a deep knowledge of mathematics and statistical physics will be able to rely on this as a reference. Special attention is given to real networks, both natural and artificial. Collected empirical data and numerous real applications of existing theories are discussed in detail, as well as the topical problems of communication networks.
In the years since Daniel Dennett s influential Consciousness Explained was published in 1991, scientific research on consciousness has been a hotly contested battleground of rival theories -- "so rambunctious," Dennett observes, "that several people are writing books just about the tumult." With Sweet Dreams, Dennett returns to the subject for "revision and renewal" of his theory of consciousness, taking into account major empirical advances in the field since 1991 as well as recent theoretical challenges.
In Consciousness Explained, Dennett proposed to replace the ubiquitous but bankrupt Cartesian Theater model (which posits a privileged place in the brain where "it all comes together" for the magic show of consciousness) with the Multiple Drafts Model. Drawing on psychology, cognitive neuroscience, and artificial intelligence, he asserted that human consciousness is essentially the mental software that reorganizes the functional architecture of the brain. In Sweet Dreams, he recasts the Multiple Drafts Model as the "fame in the brain" model, as a background against which to examine the philosophical issues that "continue to bedevil the field."
With his usual clarity and brio, Dennett enlivens his arguments with a variety of vivid examples. He isolates the "Zombic Hunch" that distorts much of the theorizing of both philosophers and scientists, and defends heterophenomenology, his "third-person" approach to the science of consciousness, against persistent misinterpretations and objections. The old challenge of Frank Jackson s thought experiment about Mary the color scientist is given a new rebuttal in the form of "RoboMary," while his discussion of a famous card trick, "The Tuned Deck," is designed to show that David Chalmers s Hard Problem is probably just a figment of theorists misexploited imagination. In the final essay, the "intrinsic" nature of "qualia" is compared with the naively imagined "intrinsic value" of a dollar in "Consciousness -- How Much is That in Real Money?"
Daniel C. Dennett is University Professor and Director of the Center for Cognitive Studies at Tufts University.
A demonstration of a simple simulation model to estimate the spatial impacts of social policies.
Microsimulation is widely used to analyse redistributive policies and budget changes but few models have simulated the geographical impacts of policies. Building on past work on microsimulation, Geography matters presents a new spatial simulation methodology.
The study:
*identifies the main reasons for the paucity of geographical microsimulation
work;
*discusses the conceptual and practical issues;
*explains the differences between static and dynamic microsimulation;
*reviews the literature on geographical microsimulation and gives a succinct
overview of other methods that have been used for the geographical analysis
of survey data, as well as other data.
Keeping mathematical and statistical jargon to a minimum, the authors then illustrate how to build a geographical microsimulation model. The simple technique can be used by any social scientist with a basic understanding of quantitative research methods. In addition, they propose a new technique for simulating the fortunes of household spaces rather than households.
The work presented here aims to promote more convergence of the methods used by economists, geographers and other social scientists working in this field. As well as being of interest to researchers concerned with the geographical implications of social policies, it makes a useful introduction for undergraduate and postgraduate students to simulation methods in the social sciences.
http://www.jrf.org.uk/bookshop/eBooks/1859352669.pdf
Happiness involves choices and responsibilities. The concluding chapter (Making
Change) offers suggestions on ways to break the material values cycle, and encourage people to ¡§focus on values for self-acceptance, good relationships and contributions to the community.¡¨ Kasser begins by suggesting personal and family changes. These seem reasonable, but readers may be sceptical about their ability to address the important cultural aspects, since they appear to be aimed largely at those already convinced of the poverty of materialism.
Kasser argues, earlier in the book, that values are resistant to chang (presumably after childhood). If this is true, and materialism is largely a cultural phenomenon, then the most important recommendations are the six for ¡¥social change¡¦: regulate advertisements; pursue legal action against advertising and media industries; support corporations with an intrinsic orientation; vote for politicians who do not back the growth equals happiness equation; support the elimination of poverty; and experiment with alternative economic systems such as co-operatives and community organized bartering pools. From an economics point of view, a number of other changes might be as important, including the imposition of a sharply progressive consumption tax and greatly expanded government support for important public goods including education, health and community activities. Readers convinced by Kasser¡¦s arguments will find recommendations like these in Robert Frank¡¦s Luxury Fever
(Frank, 1999), another book that has much to say about this important topic.
This volume brings together contributions to the burgeoning research area of behavioural economics from a number of well-known international scholars in the field. Topics covered include irrational conducts; imperfect self-knowledge; imperfect memory; time and utility; and experimental practices in psychology, economics, and finance. The book will provide a point of entry to anyone wishing to investigate the intellectual terrain between economics and psychology.
Judgment pervades human experience. Do I have a strong enough case to go to trial? Will the Fed change interest rates? Can I trust this person? This book examines how people answer such questions. How do people cope with the complexities of the world economy, the uncertain behavior of friends and adversaries, or their own changing tastes and personalities? When are peoples judgments prone to bias, and what is responsible for their biases? This book compiles psychologists best attempts to answer these important questions.
THE PSYCHOLOGY OF JUDGMENT AND DECISION MAKING offers a comprehensive introduction to the field with a strong focus on the social aspects of decision making processes. Highlighting the role of psychological experimentation, THE PSYCHOLOGY OF JUDGMENT AND DECISION MAKING is an informative and engaging introduction to the field written in a style that is equally accessible to the introductory psychology student, the lay person, or the professional. A unique feature of this volume is the Reader Survey which readers are to complete before beginning the book. The questions in the Reader Survey are drawn from many of the studies discussed throughout the book, allowing readers to compare their answers with the responses given by people in the original studies. This title is part of The McGraw-Hill Series in Social Psychology.
Governments use them to sell everything from oilfields to pollution permits, and to privatize companies; consumers rely on them to buy baseball tickets and hotel rooms, and economic theorists employ them to explain booms and busts. Auctions make up many of the worlds most important markets; and this book describes how auction theory has also become an invaluable tool for understanding economics.
Auctions: Theory and Practice provides a non-technical introduction to auction theory, and emphasises its practical application. Although there are many extremely successful auction markets, there have also been some notable fiascos, and Klemperer provides many examples. He discusses the successes and failures of the one-hundred-billion dollar "third-generation" mobile-phone license auctions; he, jointly with Ken Binmore, designed the first of these.
Klemperer also demonstrates the surprising power of auction theory to explain seemingly unconnected issues such as the intensity of different forms of industrial competition, the costs of litigation, and even stock trading frenzies and financial crashes.
Engagingly written, the book makes the subject exciting not only to economics students but to anyone interested in auctions and their role in economics.
The Economics of Sin examines the definition and evolution of sin from the perspective of rational choice economics, yet is conscious of the limitations of such an approach. The author argues that because engaging in activities deemed to be sinful is an act of choice, it can therefore be subject to the logic of choice in the economic model.
The book considers the formation of religions, including the new age revival of ¡¥wicca¡¦, as regulators of the quasi-market in sins, and goes on to appraise the role of specific sins such as lying, envy, jealousy, greed, lust, sloth, and waste in individual markets and in macroeconomic activity.Empirical evidence on issues such as cannibalism, capital punishment, addiction,adultery and prostitution is also explored. Samuel Cameron concludes that a large percentage of economic activity is intimately connected with forms of sin which are in some circumstances highly beneficial to the functioning of markets, particularly in the presence of market failure.
This innovative, interdisciplinary study of the institution of sin will be of enormous interest to a wide-ranging readership, including researchers and teachers of economics, sociology and theology. It will also be of importance for anthropologists and philosophers.
A total of eleven papers in this volume represent recent research on important topics in finance. The contributions include analyses of issues relating to asset prices, the behavior of stock returns, and capital-raising activities. Hodges, et al. employ stochastic dominance arguments to show that the efficiency of time diversification depends on the degree of autocorrelation in security returns. In their study of the announcement effects of ninety-three minority equity investments, Chan, et. al. find a neutral stock price response on average for acquiring firms but a significantly positive response for selling firms. Nguyen, et al. provide evidence on the returns structure of U.S. information technology stocks surrounding the bursting of the internet bubble in early 2000. In a study of the informational effects of auditor reputation, Godby and Mahar, Jr. find that implied volatilities for firms audited by Andersen have increased relative to those for firms audited by other Big Five firms. Charaput and Chang find that the usage of installment receipts enhances liquidity in Canadian secondary equity offerings.
The contributions to this volume also examine important issues in international finance and financial institutions. Brailsford, et al. use a VECM technique to examine Purchasing Power Parity and causality between the yen and the dollar. Sarmas studies the impact of Hong Kongs fixed exchange rate system and Singapores floating exchange rate system on the correlation between the US and the two respective countries stock markets. Povel develops a theoretical model to explain multiple banking as a commitment device. Baer, et al. develop a model and empirically examine how the creation of a futures clearinghouse can reduce the need for margin in bilateral and multilateral settings. Roberts and Siddiqi provide an empirical analysis of the link between collateralization and the number of lenders in private debt contracts. Finally, Tripp et al. empirically examine the relative efficiency of single versus multiple common bond credit unions.
The monograph concentrates on recent developments in modelling economic processes on macro level. Namely there are two main areas of interest: co-integration analysis and the use of high frequency time series. Special emphasis is put on testing, application of VEqCM models to I(1) as well as I(2) variables and structuralization of VAR. Volatility is analysed within traditional and Bayesian approach.
N.J. Smelser , Center for Advanced Study in the Behavioral Sciences, Stanford, USA
P.B. Baltes , Max Planck Institute for Human Development, Berlin, Germany
Agent-based Modeling 2004 SCTPLS
Now available from www.societyforchaostheory.org/catalog
Elliott, E., & Kiel, L. D. (Eds., 2004). Agent-Based Modeling. Published by
the Society for Chaos Theory in Psychology & Life Sciences*, pb., 182 p.
The lessons learned from the science of complex adaptive systems have
important implications for students of the behavioral and social sciences.
An especially troubling feature of complex adaptive systems (or CAS) is that
the usual tools of statisticians, econometricians and others may be of only
limited usefulness due to the presence of higher dimensional nonlinearities
and complex interactions between "agents". Agent Based Modeling or ABM
provides an important methodological tool for dealing with these often
intractable problems. This special issue of Nonlinear Dynamics, Psychology
and Life Sciences is devoted exclusively to important applications of ABM to
a wide range of applications in the "human sciences". This special issue is
a "must read" for anyone who is engaged in research using this important new
approach for modeling, as well as those who are just developing an interest
in the topic.
Contributions to the special issue cut across disciplinary boundaries and
extend from "micro" level analyses such as Jeffrey Schanks study of choice
in rats mate choice (rats, alas, do not have the advantage of access to
computer dating systems) to models of organizational decisionmaking such as
Steven Phelans important article on university promotion systems, or
"macro" level phenomena such as Jasmina Arifovic and Paul Massons article
examining the evolution of currency crises. Other articles by Guerin and
Kunkle, Dal Forno and Merlone, Bankes and Lempert, and Henrickson offer
critical new perspectives on this important and increasingly influential
approach to modeling human systems.
*ISSN 1090-0578, Vol. 8., No. 2; US$20.00 plus shipping. University
bookstores please contact register@societyforchaostheory.org
Editorial Reviews
Book Description
After a decades development, evolutionary computation (EC) proves to be a powerful tool kit for economic analysis. While the demand for this equipment is increasing, there is no volume exclusively written for economists. This volume for the first time helps economists to get a quick grasp on how EC may support their research. A comprehensive coverage of the subject is given, that includes the following three areas: game theory, agent-based economic modelling and financial engineering. Twenty leading scholars from each of these areas contribute a chapter to the volume. The reader will find himself treading the path of the history of this research area, from the fledgling stage to the burgeoning era. The results on games, labour markets, pollution control, institution and productivity, financial markets, trading systems design and derivative pricing, are new and interesting for different target groups. The book also includes informations on web sites, conferences, and computer software.
Book Info
Helps economists to get a quick grasp on how EC may support their research. A comprehensive coverage of the subject is given, that includes the following three areas: game theory, agent based economic modeling and financial engineering.
Editorial Reviews
Book Description
After a decade of development, genetic algorithms and genetic programming have become a widely accepted toolkit for computational finance. Genetic Algorithms and Genetic Programming in Computational Finance is a pioneering volume devoted entirely to a systematic and comprehensive review of this subject. Chapters cover various areas of computational finance, including financial forecasting, trading strategies development, cash flow management, option pricing, portfolio management, volatility modeling, arbitraging, and agent-based simulations of artificial stock markets. Two tutorial chapters are also included to help readers quickly grasp the essence of these tools. Finally, a menu-driven software program, Simple GP, accompanies the volume, which will enable readers without a strong programming background to gain hands-on experience in dealing with much of the technical material introduced in this work.
Paul P. Wang
Editorial Reviews
Book Description
Due to the ability to handle specific characteristics of economics and finance forecasting problems like e.g. non-linear relationships, behavioral changes, or knowledge-based domain segmentation, we have recently witnessed a phenomenal growth of the application of computational intelligence methodologies in this field. In this volume, Chen and Wang collected not just works on traditional computational intelligence approaches like fuzzy logic, neural networks, and genetic algorithms, but also examples for more recent technologies like e.g. rough sets, support vector machines, wavelets, or ant algorithms. After an introductory chapter with a structural description of all the methodologies, the subsequent parts describe novel applications of these to typical economics and finance problems like business forecasting, currency crisis discrimination, foreign exchange markets, or stock markets behavior.
Book Info
Text discusses traditional computational intelligence approaches like fuzzy logic, neural networks, and genetic algorithms. Also examines examples involving more recent technologies such as rough sets, support vector machines, wavelets, and ant algorithms.
Chen, Shu-Heng
Ohuchi, Azuma
This book originates from the IJCAI 2003 International Workshop on Multi-Agents for Mass User Support, MAMUS 2003, held in Acapulco, Mexico in August 2003. Besides revised selected workshop papers, the volume editors invited contributions by leading researchers in order to complete coverage of important aspects.
The papers address major current issues of multi-agent technology and its applications to support mass users and society more generally by using social coordination mechanisms. The papers are organized into topical sections on the theoretical background, resource allocation algorithms, mass user support in traffic systems, game theoretic analysis, and architectures for social coordination mechanisms.
